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Mean and Standard Deviation of Random Variables

AP Statistics· difficulty 3/5

A lottery ticket has payouts shown. The ticket costs $3.

Payout P $10 0.1 $5 0.2 $0 0.7

What is the expected net gain per ticket?

  • A

    $2.00

  • B

    -$1.00

    check_circle
  • C

    $3.00

  • D

    $0.00

Explanation

E(payout) = 10(0.1)+5(0.2)+0(0.7) = 2. Net = 2 - 3 = -$1.

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