Tri-State Pick 3 game: You choose a number with 3 digits from 0 to 9; the state chooses a three-digit winning number at random and pays you $500 if your number is chosen. Because there are 1000 numbers with three
digits, you have probability 1/1000 of winning. Taking X to be the amount your ticket pays you, the probability
distribution of Xis
Payoff X
SO
5500
The mean and standard deviation of X are wx = $0.50 and ox =
Probability: 0.999 0001
$15.80
Suppose you buy a 51 ticket on each of two different days
7. Find the expected payoff for the two tickets.
8. Find the standard deviation for the payout of the two tickets.
Suppose you buy a Pick 3 ticket every day for a year (365 days)
2. Find the mean of your total winnings.
10. Find the standard deviation of your total winnings