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    Introduction to Probability Distributions

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    Four possible prizes are being awarded by a real estgat developer to people who will look at new property. The prizes are being awarded based on a blind drawing with the following probability distribution:

    x P(x)
    $ 10 0.80
    $ 20 0.10
    $ 100 0.08
    $ 1000 0.02

    a What is the expected prize award?
    b What is the standard deviation for the prize award?
    c If one person is allowed to have two chances at the drawing and keep the
    highest prize, what is the probability that she will leave with at least $100?

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