Question

Use the fact that the mean of a goometric distribion is μ--and the variance is o2 A daily namber lottery chooses three bails numbered O to 9. The probablity of winning th othery is 1000 (a) Find the mean, variance, and standard deviation, (b) How many times would you expet to have Let x be the number of Smes you play the lotery before winning tho first time to play the lottery before winning? i costs $1 to play and winnors ace paid $000. Would you expect to make or lose money playing this lottery? Explain. (a) The mean is(Type an integer or a decimal.) The variance isType an integer or a decimal,) The standard doviation is (Round to one decimal place as noeded) (b) You can expect to play the gametimes betore winning Would you expect to make or lose money playing this lottery? Explain. O A. You would expect to make money, On average you would win S600 once in wry times you play, So the net gain would be ОВ. You would o po t to lose money Onaverage you would wir $600 once revermt syou pay Sotho ret gan uldbes Click to select your answerls) 8 7 6

Answer 1

you would expect to lose money. On average you would win $600 in every 1000 times you play So net gain is -$400