Net gain from the purchase of a randomly selected ticket

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Reference no: EM131812775

Question: Seven thousand lottery tickets are sold for $5 each. One ticket will win $2,000, two tickets will win $750 each, and five tickets will win $100 each. Let X denote the net gain from the purchase of a randomly selected ticket.

a. Construct the probability distribution of X.

b. Compute the expected value E (X) of X. Interpret its meaning.

c. Compute the standard deviation σ of X.

Reference no: EM131812775

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