Suppose you buy a raffle ticket in each of 25 consecutive weeks in support of your favorite charity. one of the 1200 raffle tickets sold each week pays $2000. what do you expect to win for those 25 weeks, and with what standard deviation?

A. Let x be the cost of 1 raffle ticket

then - x (1199/1200) + (2000-x) (1/1200) = 0

-1199x/1200 + 2000 / 1200 - x/1200 = 0 - 1200x / 1200 = - 2000/1200 x = $1.67

So your expected value per game is

-1.67 (1199/1200) + 1998.33 (1/1200) = 0

b. Since your random variable takes on only 2 values,

which is just the square of the standard deviation

(1998.33-1.67) ^2 (1/1200) (1199/1200) = 3319.44

Therefore, the answer is win about $0, give or take about $58.