Calculation of Variance and Standard Deviation for Texas Lottery Ticket

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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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