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Solution Library
During the holiday season, the Texas lottery has a scratch-off game called "Stocking Stuffer"
Question
During the holiday season, the Texas lottery has a scratch-off game called "Stocking Stuffer". One dollar is required to play the game and ticket prizes range from $1.00 to $1000.00. The probability of winning each prize is given below.
PRIZE PROBABILITY
$1000 .00002
100 .00020
50 .00090
20 .004000
5 .00800
2 .05000
1 .11000
1. Find the lottery's expected profit per stocking stuffer ticket
2. find the lottery's variance in profit per stocking stuffer ticket
3. find the lottery's standard deviation in profit per Stocking Stuffer ticket.
Answer
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