Casino A casino knows that people play the slot ma-chines in hopes of hitting the jackpot but that most of them lose their dollar. Suppose a certain machine paysout an average of $0.92, with a standard deviation of$120.a) Why is the standard deviation so large?b) If you play 5 times, what are the mean and standarddeviation of the casino’s profit?c) If gamblers play this machine 1000 times in a day,what are the mean and standard deviation of thecasino’s profit?d) Is the casino likely to be profitable? Explain.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.