Seven thousand lottery tickets are sold for $5 each. One ticket will win $2,000, two tickets will win $750 each, and five tickets will win $100 each. Let X denote the net gain from the purchase of a randomly selected ticket.   (i). Construct the probability distribution of X Soln. (ii). Is this a valid discrete probability distribution? Soln.(iii). Compute the expected value E(X) of X and interpret it’s meaning. Soln. (iv). Compute the standard deviation of X and interpret it’s meaning. Soln.

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