Random Variable (expected value) lottery (description) A lottery consists of a $10 ticket, of which there are 3000 sold, and several monetary prizes are awarded to winning tickets. prizes: A five prizes of $20 each B two prizes of $50 each C one prize of $800 X = amount won or lost by playing (including cost of ticket) find probability distribution for X b) Find the expected value for this random variable

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QUESTION 19
Random Variable
(expected value)
lottery (description)
A lottery consists of a $10 ticket, of which there are 3000 sold, and several monetary prizes are awarded to winning tickets.
prizes:
A five prizes of $20 each
B two prizes of $50 each
C one prize of $800
X = amount won or lost by playing (including cost of ticket)
find probability distribution for X
b) Find the expected value for this random variable
Transcribed Image Text:QUESTION 19 Random Variable (expected value) lottery (description) A lottery consists of a $10 ticket, of which there are 3000 sold, and several monetary prizes are awarded to winning tickets. prizes: A five prizes of $20 each B two prizes of $50 each C one prize of $800 X = amount won or lost by playing (including cost of ticket) find probability distribution for X b) Find the expected value for this random variable
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