Score: 0 of 1 pt 5015(4 complete) Hw Score: 55%, 2.75 of 5 pts 4.3.29 Question H

Question

Score: 0 of 1 pt 5015(4 complete) Hw Score: 55%, 2.75 of 5 pts 4.3.29 Question Help Use the fact that the mean of a geometric distribution is , and the variance is A daily number lotery chooses two bals numbered O to 9. The probability of winning the lottery is 100-Let x be the number of times you play the lothtery before winning the first time. you expect to make or lose money playing this lottery? Explain. (a) The mean is(Type an integer or a demat) (a) Find the mean, variance, and standard deviation. (b) How many times would you expect to have to play the lottery before winning? lt costs $1 to play and winners are paid $700. Would

Explanation / Answer

Given, p = 0.01

so, q = 1 - 0.01 = 0.99

a) Mean = 1/p = 1/(1/100) = 100

Variance = q/p2 = 0.99 / (0.01)2 = 9900

Standard deviation = sqrt(9900)= 99.44987

b) As the probability is 1/100, so we have expected number of 100 trials to win the lottery.

if we pay $1 for 1 trail, that is we are paying $100 for 100 trails, and if we win we gain $700, so it is expected to make a win in playing this lottery.

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