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Analyze the scenario and complete the following: i. Complete the discrete probability distribution for the given variable. ii. Calculate the expected value and variance of the discrete probability distribution. The value of a ticket in a lottery, in which 2,000 tickets are sold, with 1 grand prize of $3,000, 5 first prizes of $300, 40 second prizes of $100, and 60 third prizes of $40. i.
i. X P(x) 0 0.0000 40 0.0000 Round probabilities to 4 decimal places 100 0.0000 300 0.0000 3,000 0.0000
H ii. Round probabilities to 4 decimal places E(X)= $0.00 = Round to 2 decimal places Question 3 of 8 Var (X) = 0.00 E Round to 2 decimal places SUBMIT QUESTION ↑
Calculate the mean and standard deviation of the discrete probability distribution. P(x) 0 0.06 5 0.08 Mean: Round to two decimal places if necessary 0.00 Standard Deviation: Round to two decimal places if necessary 0.00 10 0.10 15 0.16 20 0.20 25 0.16 30 0.24