Probability Questions with Solutions
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Probability Questions with Solutions
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The payouts for the Powerball lottery and their corresponding odds and probabilities of occurrence are shown below. The price of a ticket is .00. Find the mean and standard deviation of the payout. Hint: Don’t forget to include the cost of the ticket and its corresponding probability. Divisions Payout Odds Probability Five plus Powerball 50,000,000 146,107,962 0.000000006844 Match 5 200,000 3,563,609 0.000000280614 Four plus Powerball 10
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