Your friend Phil, asks you what you think about a new scratch-off lottery game. It costs $10 to play this game, There are two outcomes for the game (win, lose) and the probability that a player wins a game is 60%. A win results in $15, for a net win of $5 ($15 minus the $10 paid to play). The probability distribution for x (the amount of money a player wins or loses) in a single game is as follows: x + Net Money Won or Lost P(x) → Probability Win 0.60 Lose 0.40 Using the information in the table, complete the following 1. Interpret the table. There is a chance of winning and a * chance of losing 2. What is the expected value of x? E(x) = 3. What is the standard deviation? o = (Round to then nearest hundredth).
Your friend Phil, asks you what you think about a new scratch-off lottery game. It costs $10 to play this game, There are two outcomes for the game (win, lose) and the probability that a player wins a game is 60%. A win results in $15, for a net win of $5 ($15 minus the $10 paid to play). The probability distribution for x (the amount of money a player wins or loses) in a single game is as follows: x + Net Money Won or Lost P(x) → Probability Win 0.60 Lose 0.40 Using the information in the table, complete the following 1. Interpret the table. There is a chance of winning and a * chance of losing 2. What is the expected value of x? E(x) = 3. What is the standard deviation? o = (Round to then nearest hundredth).
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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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.
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Transcribed Image Text:Scratch Off Lottery Tickets
Your friend Phil, asks you what you think about a new scratch-off lottery game. It costs $10 to play this game,
There are two outcomes for the game (win, lose) and the probability that a player wins a game is 60%. A win
results in $15, for a net win of $5 ($15 minus the $10 paid to play). The probability distribution for x (the
amount of money a player wins or loses) in a single game is as follows:
Fi
x > Net Money Won or Lost P(x) → Probability
Win
0.60
Lose
24
0.40
Using the information in the table, complete the following
1. Interpret the table. There is a
chance of winning
and a
chance of losing
2. What is the expected value of x? E(x) =
3. What is the standard deviation? o =
(Round to then nearest hundredth).
Question Source: Illustrative Mathematics https://www.illustrativemathematics.org/content-
standards/HSS/MD/A/2/tasks/1217
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