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 Payout Odds Probability $ 50,000,000 144,707,962.000000006910 Five plus Powerball Match 5 200,000 3,560,809 000000280835 10,000 584,012 .000001712290 Four plus Powerball Match 4 140 13,695 .000073014000 140 11,927 .000083836400 Three plus Powerball Match 3 14 .003424658000 Two plus Powerball 14 291 745 .001340483000 127 .007812500000 One plus Powerball 4 Zero plus Powerball 3 69 .014285714000 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.) Mean Standard deviation
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 Payout Odds Probability $ 50,000,000 144,707,962.000000006910 Five plus Powerball Match 5 200,000 3,560,809 000000280835 10,000 584,012 .000001712290 Four plus Powerball Match 4 140 13,695 .000073014000 140 11,927 .000083836400 Three plus Powerball Match 3 14 .003424658000 Two plus Powerball 14 291 745 .001340483000 127 .007812500000 One plus Powerball 4 Zero plus Powerball 3 69 .014285714000 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.) Mean Standard deviation
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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17.
### Statistical Analysis Task
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.)**
| Statistic | Value |
|----------------------|--------|
| Mean | |
| Standard deviation | |
---
This table and exercise provide a basis for understanding the expected value and variability in lottery winnings, which can be a useful basis for discussing probability theory and its applications in real-world scenarios.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F55f0052a-9d0d-41a8-9339-203ce40e3605%2F3ea5156f-7525-41c8-a0d9-3d0e26034ae0%2F0gidnd_processed.png&w=3840&q=75)
Transcribed Image Text:### Powerball Lottery Payouts, Odds, and Probabilities
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 | Payout | Odds | Probability |
|-----------------------|--------------|--------------|-------------------|
| Five plus Powerball | $50,000,000 | 144,707,962 | 0.000000006910 |
| Match 5 | 200,000 | 3,560,809 | 0.000000280835 |
| Four plus Powerball | 10,000 | 584,412 | 0.000001712290 |
| Match 4 | 140 | 13,695 | 0.000073014000 |
| Three plus Powerball | 140 | 11,745 | 0.000085336400 |
| Match 3 | 14 | 291 | 0.000343568300 |
| Two plus Powerball | 14 | 745 | 0.001344830000 |
| One plus Powerball | 4 | 127 | 0.007812500000 |
| Zero plus Powerball | 3 | 69 | 0.014285714000 |
[Click here for the Excel Data File](#)
### Statistical Analysis Task
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.)**
| Statistic | Value |
|----------------------|--------|
| Mean | |
| Standard deviation | |
---
This table and exercise provide a basis for understanding the expected value and variability in lottery winnings, which can be a useful basis for discussing probability theory and its applications in real-world scenarios.
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