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Determine the mean and standard deviation of x

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Problem - An instant lottery ticket costs $2. Out of a total of 10.000 tickets printed for this lottery, 1000 tickets contain a prize of $5 each, 100 tickets have a prize of $10 each, 5 tickets have a prize of $1000 each, and 1 ticket has a prize of $5000. Let x be the random variable that denotes the net amount a player wins by playing this lottery. Write the probability distribution of x. Determine the mean and standard deviation of x.

Reference no: EM132676400

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