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Find the mean-variance and standard deviation

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A daily number lottery chooses three balls numbered 0 to 9. The probability of winning the lottery is 1/1000. Let x be the number of times you play the lottery before winning the first time.

(a) Find the mean, variance, and standard deviation. Interpret the results.

(b) how many times would you expect to have to play the lottery before winning? Assume that it costs $1 to play and winners are paid $500. Would you expect to make or lose money playing this lottery? Explain complete solutions correct answers key.

Reference no: EM13918049

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