Your cousin is selling tickets for a raffle that his school is conducting to rai

Question

Your cousin is selling tickets for a raffle that his school is conducting to raise money for their choir. Each ticket costs $2. Your friend tells you that the school is selling 1000 tickets. The distribution of prizes are as follows: 1 $500 winning ticket, 2 $100 winning tickets, 5 $20 winning tickets, and 20 $10 winning tickets. You help him out by buying a ticket. If x is the amount you gain (after accounting for the price of the ticket), write the probability distribution for x. Calculate the mean and standard deviation of x.

Explanation / Answer

let x is prize after deduction of ticket cost and P(x) probability associated with it

hence mean =-1

and std deviaiton =(274-(-1)2)1/2 =16.5227

pls revert for doubt

x P(x) xP(X) x^2P(X) 498 0.001 0.498 248.004 98.000 0.002 0.196 19.208 18.000 0.005 0.09 1.62 8.000 0.02 0.16 1.28 -2.000 0.972 -1.944 3.888 -1 274

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