Consider a carnival game where a player is given two chances to throw a ball to hit a moving target. Suppose the probability of hitting the target per throw is 0.15. Let X be the number of times the target is hit per game. A. Suppose each game costs $2 dollars to play and a player wins $10 each time the target is hit. So if Y is the amount gained by a player per game, we have the following equation Y=10X-2. Find the expected amount gained by the player per game if this game is repeated many times. B. Find the standard deviation of the amount gained by the player per game if the game is repeated many times.

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Confidence Intervals

When we calculate intervals in probability and statistics, it can be simply termed as finding out a confidence interval. The confidence interval is usually calculated from the data set which is observed. The value of the parameter that needs to be calculated is present here only.