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The payouts for the Powerball lottery and their corresponding odds and probabilities of occurrence are shown below. The price of a ticket is $1.00. Divisions Five plus Powerball Match 5 Four plus Powerball Match 4 Three plus Powerball Match 3 Two plus Powerball One plus Powerball Zero plus Powerball Payout Odds Probability $ 50,000,000 200,000 145,107,962 .000000006891 10,000 3,561,609 584,132 .000000280772 000001711939 200 13,855 .000072170901 200 11,927 .000083836351 10 291 .003424657534 10 745 .001340482574 4 3 127 69 .007812500000 .014285714286 Click here for the Excel Data File Find the mean and standard deviation of the payout without taking into account the price of the ticket. (Do not round intermediate calculations. Round your mean value to 5 decimal places and standard deviation to 3 decimal places.) Answer is complete and correct. Mean $ Standard deviation $ 0.57090 4,152.103 Answer is complete but not entirely correct. If the cost of a ticket is taken into account, then the mean is a loss of $ 0.57090 and the standard deviation is unchanged

The payouts for the Powerball lottery and their corresponding odds and probabilities of occurrence are shown below. The price of a ticket is $1.00. Divisions Five plus Powerball Match 5 Four plus Powerball Match 4 Three plus Powerball Match 3 Two plus Powerball One plus Powerball Zero plus Powerball Payout Odds Probability $ 50,000,000 200,000 145,107,962 .000000006891 10,000 3,561,609 584,132 .000000280772 000001711939 200 13,855 .000072170901 200 11,927 .000083836351 10 291 .003424657534 10 745 .001340482574 4 3 127 69 .007812500000 .014285714286 Click here for the Excel Data File Find the mean and standard deviation of the payout without taking into account the price of the ticket. (Do not round intermediate calculations. Round your mean value to 5 decimal places and standard deviation to 3 decimal places.) Answer is complete and correct. Mean $ Standard deviation $ 0.57090 4,152.103 Answer is complete but not entirely correct. If the cost of a ticket is taken into account, then the mean is a loss of $ 0.57090 and the standard deviation is unchanged

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The payouts for the Powerball lottery and their corresponding odds and probabilities of occurrence are shown below. The price of a ticket is $1.00. Divisions Five plus Powerball Match 5 Four plus Powerball Match 4 Three plus Powerball Match 3 Two plus Powerball One plus Powerball Zero plus Powerball Payout Odds Probability $ 50,000,000 200,000 145,107,962 .000000006891 10,000 3,561,609 584,132 .000000280772 000001711939 200 13,855 .000072170901 200 11,927 .000083836351 10 291 .003424657534 10 745 .001340482574 4 3 127 69 .007812500000 .014285714286 Click here for the Excel Data File Find the mean and standard deviation of the payout without taking into account the price of the ticket. (Do not round intermediate calculations. Round your mean value to 5 decimal places and standard deviation to 3 decimal places.) Answer is complete and correct. Mean $ Standard deviation $ 0.57090 4,152.103 Answer is complete but not entirely correct. If the cost of a ticket is taken into account, then the mean is a loss of $ 0.57090 and the standard deviation is unchanged
Transcribed Image Text:The payouts for the Powerball lottery and their corresponding odds and probabilities of occurrence are shown below. The price of a ticket is $1.00. Divisions Five plus Powerball Match 5 Four plus Powerball Match 4 Three plus Powerball Match 3 Two plus Powerball One plus Powerball Zero plus Powerball Payout Odds Probability $ 50,000,000 200,000 145,107,962 .000000006891 10,000 3,561,609 584,132 .000000280772 000001711939 200 13,855 .000072170901 200 11,927 .000083836351 10 291 .003424657534 10 745 .001340482574 4 3 127 69 .007812500000 .014285714286 Click here for the Excel Data File Find the mean and standard deviation of the payout without taking into account the price of the ticket. (Do not round intermediate calculations. Round your mean value to 5 decimal places and standard deviation to 3 decimal places.) Answer is complete and correct. Mean $ Standard deviation $ 0.57090 4,152.103 Answer is complete but not entirely correct. If the cost of a ticket is taken into account, then the mean is a loss of $ 0.57090 and the standard deviation is unchanged
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