Question

In a lottery, 5000 tickets are sold for $1 each.... one1st prize of $2000, 1 2nd prize of $500, 3 third prizes of $100, and 10 consolation prizes of $25 are to be awarded.

I want to set up a probability distribution table to help me solve this problem but I don't know what should go under the x variable and p (x=x).

Answer 1

P(x=v) = (# prizes worth $v)/(total # prizes)

Answer 2

I attempted to find the E(X) and got .61 (1/5000)*(2000)+(1/5000)*(500)+(3/5000)*(100)+(10/5000)*(25).