Solve A – K.

1.  Consider a lottery game in which a person can win $0, $1, $2, or $1,000.  The probability of winning nothing when one plays the game is 0.99, the probability of winning $1 is 0.009, and the probability of winning $2 is 0.0009.

A.  What is the variable?

B.  What are the values of the variable?

C.  What is the probability distribution of the variable in table form?

List the values,    X:

List the probability of each value,  P(X=x):

D.  What is the expected value of the lottery winning?

E.  What is the standard deviation of the lottery winning?

F.  What is the probability that the player will win either $1 or $2?

G.  What is the probability of winning at least $1?

H.  What is the probability of winning at most $1?

I.  If the game cost $1 to play what is the probability that a person will at least win their money back in the game?

J.  What is the interval of values that are within one standard deviation of the mean?

K.  What is the probability that the lottery winnings will be within one standard deviation of the mean?

 

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