Make a table that shows the probability distribution

Assignment Help Basic Statistics

Reference no: EM131762353

Question: Keno Keno is a favorite game in casinos, and similar games are popular with the states that operate lotteries. Balls numbered 1 to 80 are tumbled in a machine as the bets are placed, then 20 of the balls are chosen at random. Players select numbers by marking a card. The simplest of the many wagers available is "Mark 1 Number." Your payoff is $3 on a $1 bet if the number you select is one of those chosen. Because 20 of 80 numbers are chosen, your probability of winning is 20/80, or 0.25. Let X = the net amount you gain on a single play of the game

(a) Make a table that shows the probability distribution of X.

(b) Compute the expected value of X. Explain what this result means for the player.

Reference no: EM131762353

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