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Each day, John's mother gives him money before he goes to school: 50% of the time he gets $5, 35% of the time he gets $10 and the rest of the time he gets $20. Determine the expectation and variance for how much money John gets each day. For the next 100 school days, John plans to save all the money his mother gives him. What is the approximate probability he is able to save more than $1000? Assume independence. If he realizes he has to spend an average of $4 a day with a standard deviation of $0.75, what is the approximate probability that he saves less than $400? Assume independence.

Each day, John's mother gives him money before he goes to school: 50% of the time he gets $5, 35% of the time he gets $10 and the rest of the time he gets $20. Determine the expectation and variance for how much money John gets each day. For the next 100 school days, John plans to save all the money his mother gives him. What is the approximate probability he is able to save more than $1000? Assume independence. If he realizes he has to spend an average of $4 a day with a standard deviation of $0.75, what is the approximate probability that he saves less than $400? Assume independence.

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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Each day, John's mother gives him money before he goes to school: 50% of the time he gets $5, 35% of the time he gets $10 and the rest of the time he gets $20. Determine the expectation and variance for how much money John gets each day. For the next 100 school days, John plans to save all the money his mother gives him. What is the approximate probability he is able to save more than $1000? Assume independence. If he realizes he has to spend an average of $4 a day with a standard deviation of $0.75, what is the approximate probability that he saves less than $400? Assume independence.
Transcribed Image Text:Each day, John's mother gives him money before he goes to school: 50% of the time he gets $5, 35% of the time he gets $10 and the rest of the time he gets $20. Determine the expectation and variance for how much money John gets each day. For the next 100 school days, John plans to save all the money his mother gives him. What is the approximate probability he is able to save more than $1000? Assume independence. If he realizes he has to spend an average of $4 a day with a standard deviation of $0.75, what is the approximate probability that he saves less than $400? Assume independence.
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