1) You play a game in which the probability of winning is 24 percent. If you win

ID: 3232245 • Letter: 1

Question

1) You play a game in which the probability of winning is 24 percent. If you win, you win 4 dollars and if you lose, you lose 2 dollars. In 80 plays, you will lose _____ dollars, give or take ______ dollars.

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For the bottom one I just need the LAST blank spot filled!

ing the following a numbers. the following numbers. 1, 3, 8, 13, 16 The SD for the box is 5.71. Suppose 100 draws are made at random with replacement from the box. The expected value for the average of the draws is 8.2 give or take 2.55 Round your answers to exactly two decimal places.) Find the chance that the average of the draws is between 7.06 and 8.77

Explanation / Answer

Answer:

You play a game in which the probability of winning is 24 percent. If you win, you win 4 dollars and if you lose, you lose 2 dollars. In 80 plays, you will lose _____ dollars, give or take ______ dollars.

P(X)

x*p(x)

(x-mean)^2*p(x)

0.24

0.96

4.990464

-2

0.76

-1.52

1.575936

Total

1.000

-0.5600

Variance=6.5664

SD=2.56249878

Expected value =-0.56 and standard deviation = 2.56

For 80 plays, 80*0.56=44.8 and sd=sqrt(80)*2.56=22.897

. In 80 plays, you will lose 44.8 dollars, give or take 22.90 dollars.

100 draws have mean 8.2 with standard error = 5.71/sqrt(5)=2.55

Z value for 7.06, z =(7.06-8.2)/2.55 = -0.45

Z value for 8.77, z =(8.77-8.2)/2.55 = 0.22

P(7.06<x<8.77) = P( -0.45<z<0.22)

P(z <0.22) – P( z < -0.45)

=0.5871 -0.3264

=0.2607