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Question: Five thousand lottery tickets are sold for $1 each. One ticket will win $1,000, two tickets will win $500 each, and ten tickets will win $100 each. Let X denote the net gain from the purchase of a randomly selected ticket.

a. Construct the probability distribution of X.

b. Compute the expected value E (X) of X. Interpret its meaning.

c. Compute the standard deviation σ of X.

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M92641143

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