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[Solved] During the holiday season, the Texas lottery played a game called the Stocking Stuffer. With this game, total instant winnings of $34.8 million

Question: During the holiday season, the Texas lottery played a game called the Stocking Stuffer. With this game, total instant winnings of $34.8 million were available in 70 million $1 tickets, with ticket prizes ranging from $1 to $1,000. Shown below are the various prizes and the probability of winning each prize.

X p
1000 0.00002
100 0.00063
20 0.004
4 0.02403
2 0.08877
1 0.10479
0 0.77176
  1. Compute the expected value of the game.
  2. Compute the variance of the game.
  3. Compute the standard deviation of the game.
  4. What is the probability that someone buying a ticket wins at least the purchase price of the ticket?

Price: $2.99
Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


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