What is the lotterys expected profit per ticket what is the

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Reference no: EM13640554

One state lottery has 1200 prizes of $1, 115 prizes of $10, 15 prizes of $70, 5 prizes of $305, 2 prizes of $1280, and 1 prize of $2300. Assume that 37000 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 profit per ticket?

Reference no: EM13640554

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