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Discrete Probabilty Distributions for Lottery Payouts

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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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 ...

Solution Summary

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

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