At the Carnival game, there are three 1 dollar bills, one 5 dollar bill, and one 10 dollar bill in a bag. It's five dollars to play, and whichever bill you grab from the bag is the one you keep. Say you draw 20 times with the following data: $5, $1, $1, $10, $1, $1, $5, $1, $1, $5, $10, $1, $1, $1, $1, $5, $1, $1, $10, $5 What is the expected value?
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
At the Carnival game, there are three 1 dollar bills, one 5 dollar bill, and one 10 dollar bill in a bag. It's five dollars to play, and whichever bill you grab from the bag is the one you keep.
Say you draw 20 times with the following data:
$5, $1, $1, $10, $1, $1, $5, $1, $1, $5, $10, $1, $1, $1, $1, $5, $1, $1, $10, $5
What is the
Step by step
Solved in 2 steps
