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A SI bet in a state lottery's Pick 3 game pays $500 if the three-digit number you choo se exactly matches the winning number, which is drawn at random. Here is the distribution of the payoff X: 1. Payoff X Probability $500 0.999 0.001 Each day's drawing is independent of other drawings. You must show your work in answering the following questions What are the mean and standard deviation of X? a. b. Joe buys a Pick 3 ticket twice a week. What does the law of large numbers say about the average payoff Joe receives from his bets? c. What does the central limit the orem say about the distribution of Joe's average payoff after 104 bets in a year? d. Joe comes out ahead for the year if his average payoff is greater than $1(the amount he spent each day on a ticket). What is the probability that Joe ends the year he ad?

A SI bet in a state lottery's Pick 3 game pays $500 if the three-digit number you choo se exactly matches the winning number, which is drawn at random. Here is the distribution of the payoff X: 1. Payoff X Probability $500 0.999 0.001 Each day's drawing is independent of other drawings. You must show your work in answering the following questions What are the mean and standard deviation of X? a. b. Joe buys a Pick 3 ticket twice a week. What does the law of large numbers say about the average payoff Joe receives from his bets? c. What does the central limit the orem say about the distribution of Joe's average payoff after 104 bets in a year? d. Joe comes out ahead for the year if his average payoff is greater than $1(the amount he spent each day on a ticket). What is the probability that Joe ends the year he ad?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A SI bet in a state lottery's Pick 3 game pays $500 if the three-digit number you choo se exactly matches the winning number, which is drawn at random. Here is the distribution of the payoff X: 1. Payoff X Probability $500 0.999 0.001 Each day's drawing is independent of other drawings. You must show your work in answering the following questions What are the mean and standard deviation of X? a. b. Joe buys a Pick 3 ticket twice a week. What does the law of large numbers say about the average payoff Joe receives from his bets? c. What does the central limit the orem say about the distribution of Joe's average payoff after 104 bets in a year? d. Joe comes out ahead for the year if his average payoff is greater than $1(the amount he spent each day on a ticket). What is the probability that Joe ends the year he ad?
Transcribed Image Text:A SI bet in a state lottery's Pick 3 game pays $500 if the three-digit number you choo se exactly matches the winning number, which is drawn at random. Here is the distribution of the payoff X: 1. Payoff X Probability $500 0.999 0.001 Each day's drawing is independent of other drawings. You must show your work in answering the following questions What are the mean and standard deviation of X? a. b. Joe buys a Pick 3 ticket twice a week. What does the law of large numbers say about the average payoff Joe receives from his bets? c. What does the central limit the orem say about the distribution of Joe's average payoff after 104 bets in a year? d. Joe comes out ahead for the year if his average payoff is greater than $1(the amount he spent each day on a ticket). What is the probability that Joe ends the year he ad?
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