Suppose that you have a four-sided die that is equally weighted (i.e. equal chance of any of the four sides landing face up). The four values on the die are [12.5968, 2, -2 and -12.5968] . Say we roll the die 81 times, record the average, and repeat this process a total of 100 times. According to the Central Limit Theorem and the 68-95-99.7 rule, what is the probability of obtaining an average of -1 or less based on the facts above? Assume that n is adequately large. Select the choice that is closest to the answer. A. 97.5% B. 68% C. 16% D. 84%
Suppose that you have a four-sided die that is equally weighted (i.e. equal chance of any of the four sides landing face up). The four values on the die are [12.5968, 2, -2 and -12.5968] . Say we roll the die 81 times, record the average, and repeat this process a total of 100 times. According to the Central Limit Theorem and the 68-95-99.7 rule, what is the probability of obtaining an average of -1 or less based on the facts above? Assume that n is adequately large. Select the choice that is closest to the answer. A. 97.5% B. 68% C. 16% D. 84%
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
Suppose that you have a four-sided die that is equally weighted (i.e. equal chance of any of the four sides landing face up). The four values on the die are [12.5968, 2, -2 and -12.5968] . Say we roll the die 81 times, record the average, and repeat this process a total of 100 times. According to the Central Limit Theorem and the 68-95-99.7 rule, what is the probability of obtaining an average of -1 or less based on the facts above? Assume that n is adequately large. Select the choice that is closest to the answer.
| A. |
97.5% |
|
| B. |
68% |
|
| C. |
16% |
|
| D. |
84% |
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