Alice is given 100 free raffle tickets Each ticket has a 10
Alice is given 100 free raffle tickets. Each ticket has a 10 percent probability of winning $1.
What is Alice expected winning?
What is the standard deviation of Alice
Solution
Given:
.
Expected winning = n * p
Expected winning = 100 *0.10 = 10
.
Standard deviation = sqrt(n*p*(1-p))
Standard deviation = sqrt(100 *0.10 *0.90)
Standard deviation = sqrt(9)
Standard deviation = 3
