Standard deviation of profit per ticket

Reference no: EM1396624

One state lottery has 300 prizes of $1, 65 prizes of $10, 18 prizes of $75, 6 prizes of $325, 2 prizes of $1000, and 1 prize of $2000. Assume that 32,000 lottery tickets are issued and sold for $1.

1. What is the lottery's expected profit per ticket?

2. What is the lottery's standard deviation of profit per ticket?

3.What is the lottery's expected contribution to state schools per ticket given the equation: contribution per ticket= 4/11 (profit per ticket)-(1/23)

Reference no: EM1396624

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