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.DivisionsPrizeProbabilityFive plus Powerball$50,000,0000.0000000068443Match 5$200,0000.0000002806143Four plus Powerball$10,0000.0000017110601Match 4$1000.0000701459035Three plus Powerball$1000.0000838363514Match 3$70.0034246575342Two plus Powerball$70.0013404825737One plus Powerball$40.0078125000000Zero plus Powerball$30.0142857142857No Prize$00.9729806648327

Name: The prizes for the Powerball lottery are shown on this worksheet along
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Description: 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 in

We know that, Mean = (Summation X*p(x)) And standard deviation=√E(X2)-mean2 Where E(X2)= (summation…

Answered: The prizes for the Powerball lottery…

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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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

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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