Concept explainers
a.
To find: The mean and standard deviation of the total winnings.
a.
Answer to Problem 54E
The mean and standard deviation are -$182.50 and $301.86.
Explanation of Solution
Given:
From exercise 42,
Population mean
Population standard deviation
Calculation:
The mean and standard deviation of the total payoff can be calculated as:
Thus, the mean and standard deviation are -$182.50 and $301.86.
b.
To interpret: The values computed in above part.
b.
Explanation of Solution
The total expected loss is $182.50.
The standard deviation shows that there will be loss of 182.50 in an year which may average on an average by $5767 in a year.
Chapter 6 Solutions
The Practice of Statistics for AP - 4th Edition
Additional Math Textbook Solutions
Essentials of Statistics (6th Edition)
Statistics for Business and Economics (13th Edition)
Basic Business Statistics, Student Value Edition (13th Edition)
An Introduction to Mathematical Statistics and Its Applications (6th Edition)
Introductory Statistics (10th Edition)
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