12th Edition

ISBN: 9780321837936

Author: Mario F. Triola

Publisher: PEARSON

Concept explainers

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear re…

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

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Textbook Question

Chapter 5.2, Problem 26BB

Expected Value for Deal or No Deal The television game show Deal or No Deal begins with individual suitcases containing the amounts of 1ϕ, $1, $5, $10, $25, $50, $75, $100, $200, $300, $400, $500, $750, $1000, $5000, $10,000, $25,000, $50,000, $75,000, $100,000, $200,000, $300,000, $400,000, $500,000, $750,000, and $1,000,000. If a player adopts the strategy of choosing the option of “no deal” until one suitcase remains, the payoff is one of the amounts listed, and they are all equally likely.

a. Find the expected value for this strategy.
b. Find the value of the standard deviation.
c. Use the range rule of thumb to identify the range of usual outcomes.
d. Based on the preceding results, is a result of $750,000 or $1,000,000 unusually high? Why or why not?

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Chapter 5.2, Problem 25BB

Chapter 5.3, Problem 1BSC

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Chapter 5 Solutions

Elementary Statistics

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Solution Summary: The author explains that the expected value for the television game show Deal or No Deal is 131,477.54 and the random variable x represents the individual suitcases containing the amounts.

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