The prizes for the Powerball lottery are shown on this worksheet along with their corresponding probabilities. The price of a ticket is $1.00. Find the mean and standard deviation of the payoff when you buy one lottery ticket. Hint: Don’t forget to include the cost of the ticket in the payoff. Divisions Prize Probability Five plus Powerball $50,000,000 0.0000000068443 Match 5 $200,000 0.0000002806143 Four plus Powerball $10,000 0.0000017110601 Match 4 $100 0.0000701459035 Three plus Powerball $100 0.0000838363514 Match 3 $7 0.0034246575342 Two plus Powerball $7 0.0013404825737 One plus Powerball $4 0.0078125000000 Zero plus Powerball $3 0.0142857142857 No Prize $0 0.9729806648
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
The prizes for the Powerball lottery are shown on this worksheet along with their corresponding probabilities. The price of a ticket is $1.00. Find the mean and standard deviation of the payoff when you buy one lottery ticket.
Hint: Don’t forget to include the cost of the ticket in the payoff.
| Divisions | Prize | Probability |
| Five plus Powerball | $50,000,000 | 0.0000000068443 |
| Match 5 | $200,000 | 0.0000002806143 |
| Four plus Powerball | $10,000 | 0.0000017110601 |
| Match 4 | $100 | 0.0000701459035 |
| Three plus Powerball | $100 | 0.0000838363514 |
| Match 3 | $7 | 0.0034246575342 |
| Two plus Powerball | $7 | 0.0013404825737 |
| One plus Powerball | $4 | 0.0078125000000 |
| Zero plus Powerball | $3 | 0.0142857142857 |
| No Prize | $0 | 0.9729806648327 |
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