Concept explainers
a.
To find: The mean and standard deviation.
a.
Answer to Problem 42E
The mean and standard deviation are $0.50 and $15.80.
Explanation of Solution
Given:
The probability distribution is:
Payoff X | $0 | $500 |
Probability | 0.999 | 0.001 |
Calculation:
The mean and standard deviation can be calculated as:
Now,
Thus, the mean and standard deviation are $0.50 and $15.80 respectively.
b.
To find: The mean and standard deviation of W .
b.
Answer to Problem 42E
The mean and standard deviation are $0.50 and $15.80.
Explanation of Solution
Calculation:
The mean and standard deviation of W can be calculated as:
The average winnings are -0.50 per ticket.
Chapter 6 Solutions
The Practice of Statistics for AP - 4th Edition
Additional Math Textbook Solutions
Introductory Statistics (10th Edition)
Elementary Statistics (13th Edition)
Statistics: The Art and Science of Learning from Data (4th Edition)
Statistics for Psychology
Intro Stats
Basic Business Statistics, Student Value Edition (13th Edition)
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