Concept explainers
To find: The values of the mean and standard deviation
Answer to Problem 20PT2
The mean and standard deviation are $15 and $53.83 respectively.
Explanation of Solution
Given:
The probability distribution is:
Amount won ($) | 500 | 100 | 25 | 0 |
Probability | 0.01 | 0.05 | 0.20 | 0.74 |
Formula used:
The formulas to compute the mean and standard deviation are:
Calculation:
The mean can be calculated as:
The standard deviation is calculated as follows:
Thus, the mean and standard deviation are $15 and $53.83 respectively.
Chapter 7 Solutions
The Practice of Statistics for AP - 4th Edition
Additional Math Textbook Solutions
Intro Stats, Books a la Carte Edition (5th Edition)
An Introduction to Mathematical Statistics and Its Applications (6th Edition)
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Elementary Statistics (13th Edition)
Introductory Statistics
Fundamentals of Statistics (5th Edition)
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