A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN: 9780134753119
Author: Sheldon Ross
Publisher: PEARSON
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Scratch Off Lottery Tickets
Your friend Phil, asks you what you think about a new scratch-off lottery game. It costs $10 to play this game,
There are two outcomes for the game (win, lose) and the probability that a player wins a game is 60%. A win
results in $15, for a net win of $5 ($15 minus the $10 paid to play). The probability distribution for x (the
amount of money a player wins or loses) in a single game is as follows:
Fi
x > Net Money Won or Lost P(x) → Probability
Win
0.60
Lose
24
0.40
Using the information in the table, complete the following
1. Interpret the table. There is a
chance of winning
and a
chance of losing
2. What is the expected value of x? E(x) =
3. What is the standard deviation? o =
(Round to then nearest hundredth).
Question Source: Illustrative Mathematics https://www.illustrativemathematics.org/content-
standards/HSS/MD/A/2/tasks/1217
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Transcribed Image Text:Scratch Off Lottery Tickets Your friend Phil, asks you what you think about a new scratch-off lottery game. It costs $10 to play this game, There are two outcomes for the game (win, lose) and the probability that a player wins a game is 60%. A win results in $15, for a net win of $5 ($15 minus the $10 paid to play). The probability distribution for x (the amount of money a player wins or loses) in a single game is as follows: Fi x > Net Money Won or Lost P(x) → Probability Win 0.60 Lose 24 0.40 Using the information in the table, complete the following 1. Interpret the table. There is a chance of winning and a chance of losing 2. What is the expected value of x? E(x) = 3. What is the standard deviation? o = (Round to then nearest hundredth). Question Source: Illustrative Mathematics https://www.illustrativemathematics.org/content- standards/HSS/MD/A/2/tasks/1217 Check
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