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    Discrete Probabilty Distributions for Lottery Payouts

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    The payouts of the lottery and their corresponding odds and probabilities of occurrence are shown below. The price of a ticket is $1.00. Find the mean and standard deviation. Hint: don't forget to include the cost of the ticket and its corresponding probability.

    Divisions Payout Odds Probability

    Five Plus $50,000,000.00 146,107,962. 0.000000006844
    Match 5 $200,000.00 3,563,609. 0.000000280614
    Four Plus $10,000.00 584,432. 0.000001711060
    Match 4 $100.00 14,255. 0.0000701445903
    Three Plus $100.00 11,927. 0.000083836351
    Match 3 $7.00 291 0.003424657534
    Two Plus $7.00 745 0.001340482574
    One Plus $4.00 127 0.007812500000
    Zero Plus $3.00 69 0.014285714286

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    https://brainmass.com/statistics/probability/discrete-probabilty-distributions-lottery-payouts-351206

    Solution Preview

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    The payouts of the lottery and their corresponding odds and probabilities of occurrence are shown below. The price of a ticket is $1.00. Find the mean and standard deviation. Hint: don't forget to include the cost of the ticket and its corresponding probability.

    Divisions Payout Odds Probability

    Five Plus $50,000,000.00 146,107,962. 0.000000006844
    Match 5 $200,000.00 3,563,609. 0.000000280614
    Four ...

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    This solution provides a detailed, step by step explanation of the given probability problem.

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