Probability of winning lottery is 1/59, 127. People who play 500 times what is the standard deviation of wins?

Answer 1

Dear catfitti,

For a binomial distribution, the variance is given as

n x p x (1 - p),

where n is the number of trials and p is the probability of success. The standard deviation is the square root of the variance.

Thus, playing the lottery with p = 1/59127 and n = 500 gives a variance of about 0.0084562; taking the square root then gives a standard deviation of 0.091958 (approximately).