Question

Analyze the scenario and complete the following:

1. Complete the discrete probability distribution for the given variable.
2. Calculate the expected value and variance of the discrete probability distribution.

The value of a ticket in a lottery, in which 2,000 tickets are sold, with 1 grand prize of $4,000, 10 first prizes of $300, 30 second prizes of $100, and 65 third prizes of $20.

i.

x	0	20	100	300	4,000
P(x)	?	?	?	?	?

The above is also a question, i put question marks just in case you miss it.

Round probabilities to 4 decimal places

ii.

E(X)=

Round to 2 decimal places

Var(X) =

Round to 2 decimal places

Answer 1