Use the following information to answer questions 7-8: The Old Folks Tour Bus drives people to the casino every day and monitors how much they won/lost every day. They have come up with the following table to describe the winning/losing tendencies of gamblers at the casino. -$1,000 $0 $100 Win/Loss Amount Probability 0.10 -$500 0.15 -$200 0.10 0.20 0.25 $400 0.15 $800 8. What is the standard deviation of this distribution? (Round to the nearest penny) 0.05 7. What is the expected value of this distribution? (In other words, what is the expected win or loss amount? If your answer is negative, don't forget to include a minus sign).
Use the following information to answer questions 7-8: The Old Folks Tour Bus drives people to the casino every day and monitors how much they won/lost every day. They have come up with the following table to describe the winning/losing tendencies of gamblers at the casino. -$1,000 $0 $100 Win/Loss Amount Probability 0.10 -$500 0.15 -$200 0.10 0.20 0.25 $400 0.15 $800 8. What is the standard deviation of this distribution? (Round to the nearest penny) 0.05 7. What is the expected value of this distribution? (In other words, what is the expected win or loss amount? If your answer is negative, don't forget to include a minus sign).
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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I am confused on how the answer is -70 for problem 7. I have tried this multiple times with a calculator following the steps but I keep getting it wrong.
Transcribed Image Text:Use the following information to answer questions 7-8: The Old Folks Tour Bus drives people to the
casino every day and monitors how much they won/lost every day. They have come up with the
following table to describe the winning/losing tendencies of gamblers at the casino.
-$1,000
$0
$100
Win/Loss
Amount
Probability
0.10
-$500
0.15
-$200
0.10
0.20
0.25
$400
0.15
$800
8. What is the standard deviation of this distribution? (Round to the nearest penny)
0.05
7. What is the expected value of this distribution? (In other words, what is the expected win or loss
amount? If your answer is negative, don't forget to include a minus sign).
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