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One state lottery has 1,000 prizes of $1; 105 prizes of $10; 25 prizes of $50;...

One state lottery has 1,000 prizes of $1; 105 prizes of $10; 25 prizes of $50; 5 prizes of $315; 2 prizes of $1,240; and 1 prize of $2400. Assume that 28,000 lottery tickets are issued and sold for $1.00.

What is the lottery's expected profit per ticket?

What is the lottery's standard of deviation of profit per ticket?

Math   Statistics-And-Probability   
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Answer #1

Expected profit = -$0.65 (loss)

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