Suppose on a fair 8-sided die, The gambler rolls the die where the gambler loses $6 if a 1,2,3, or 4 is rolled. While on a roll of 5, 6, 7, 8 the gambler wins that amount. Let Q be the random variable representing the gambler's wins/losses in dollars. What is the variance of Q? "Show the process" Pick the correct Answer. - 3/8 9/2 371/64
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.
Suppose on a fair 8-sided die, The gambler rolls the die where the gambler loses $6 if a 1,2,3, or 4 is rolled. While on a roll of 5, 6, 7, 8 the gambler wins that amount. Let Q be the random variable representing the gambler's wins/losses in dollars. What is the variance of Q?
"Show the process"
Pick the correct Answer.
- - 3/8
- 9/2
- 371/64
- 35/4
- 75/2
- 635/16
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