Concept explainers
a.
To interpret: The values of
a.
Explanation of Solution
Given:
The table is:
Matches | 0 | 1 | 2 | 3 | 4 |
Probability | 0.308 | 0.433 | 0.213 | 0.043 | 0.003 |
Pay out ($) | 0 | 0 | 1 | 3 | 120 |
The values are:
Formula used:
The properties of mean and standard deviation are:
The mean of X shows that expected pay out on an average is $0.70 and payout will vary on an average of $6.58 from the payout of $ 0.70.
b.
To find: The expected value and standard deviation
b.
Answer to Problem 3CRE
The mean and standard deviation are $ 3.50 and $ 32.90 respectively.
Explanation of Solution
Calculation:
The expected value and standard deviation could be calculated as:
Thus, the mean and standard deviation are $ 3.50 and $ 32.90 respectively.
c.
To find: The expected value and standard deviation of all the winnings of Marla.
c.
Answer to Problem 3CRE
The mean and standard deviation are $ 3.50 and $ 14.70 respectively.
Explanation of Solution
Calculation:
The expected value and standard deviation could be calculated as:
Thus, the mean and standard deviation are $ 3.50 and $ 14.71 respectively.
d.
To find: The player that is preferred by a Casino
d.
Explanation of Solution
Calculation:
From the above two parts, it is clear than the mean of both the players are same. Thus, the decision would be made using the value of the standard deviation. Since, the standard deviation of Marla is lower. Thus, Marla is to be
Chapter 6 Solutions
The Practice of Statistics for AP - 4th Edition
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