Question

For an advertising promotion, an auto dealer hands out 1000 lottery tickets with a prize of a new car worth $25,000. for someone with a single ticket, what is the standard deviation for the amount won?

Answer 1

The standard deviation for the amount won with a single lottery ticket is zero because there is no variability; the prize is either the new car worth $25,000 or nothing.

Step-by-step explanation:

In a scenario where the prize for a single lottery ticket is either winning a new car worth $25,000 or winning nothing, there is no variability in the outcomes for a single ticket. The standard deviation is a measure of the amount of variation or dispersion in a set of values. In this case, as there are only two possible outcomes with certainty—either winning the car or winning nothing—the standard deviation is zero. There is no variability to measure because the outcome is deterministic for each individual ticket; it's either the full value of the car or nothing.

Answer 2

There is 1000 tickets and you have one so you have 1 in a 1000 chance