One state lottery has 1,100 prizes of $1; 145 prizes of $10; 20 prizes of $75; 5 prizes of $285; 2 prizes of $1,080; and 1 prize of $2,300. Assume that 24,000 lottery tickets are issued and sold for $1.
1) What is the lottery’s standard deviation of profit per ticket?
One state lottery has 1,000 prizes of $1; 135 prizes of $10; 25 prizes of $50; 5 prizes of $375; 2 prizes of $1,060; and 1 prize of $2,300. Assume that 38,000 lottery tickets are issued and sold for $1.
2) What is the lottery’s expected profit per ticket?
