Statistics

You buy a lottery ticket to a lottery that cost $10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one $500 prize, two $100 prizes, and four $25 prizes. Find your expected gain or loss. Do you still want to play raffle?

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  1. plug into calculator.

    L1 L2
    -10 93/100
    499 1/100
    99 2/100
    24 4/100

    STAT- CALU-#1:1-VAR STATS-ENTER-2ND #1(L1), THEN "," THEN 2ND #2(L2)-ENTER

    YOUR FIRST X AT THE TOP IS YOUR EXPECTATION OR MEAN.

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