8. At a raffle, 1500 tickets are sold at $2 each for four prizes of $500, S250, $150, and $75. You buy one ticket. What are the expected value and the square standard deviation of your gain?

A First Course in Probability (10th Edition)
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ISBN:9780134753119
Author:Sheldon Ross
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Chapter1: Combinatorial Analysis
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8. At a raffle, 1500 tickets are sold at $2 each for four prizes of $500, S250, $150, and $75.
You buy one ticket. What are the expected value and the square standard deviation of
your gain?
Transcribed Image Text:8. At a raffle, 1500 tickets are sold at $2 each for four prizes of $500, S250, $150, and $75. You buy one ticket. What are the expected value and the square standard deviation of your gain?
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