# Question

The television game show Deal or No Deal begins with individual suitcases containing the amounts of 1c, $1, $5, $10, $25, $50, $75, $100, $200, $300, $400, $500, $750, $1000, $5000, $10,000, $25,000, $50,000, $75,000, $100,000, $200,000, $300,000, $400,000, $500,000, $750,000, and $1,000,000. If a player adopts the strategy of choosing the option of “no deal” until one suitcase remains, the payoff is one of the amounts listed, and they are all equally likely.

a. Find the expected value for this strategy.

b. Find the value of the standard deviation.

c. Use the range rule of thumb to identify the range of usual outcomes.

d. Based on the preceding results, is a result of $750,000 or $1,000,000 unusually high? Why or why not?

a. Find the expected value for this strategy.

b. Find the value of the standard deviation.

c. Use the range rule of thumb to identify the range of usual outcomes.

d. Based on the preceding results, is a result of $750,000 or $1,000,000 unusually high? Why or why not?

## Answer to relevant Questions

Based on a Saint Index survey, assume that when adults are asked to identify the most unpopular projects for their hometown, 54% include Wal-Mart among their choices. Suppose we want to find the probability that when five ...In a RingCentral survey, 380 different smartphone users are randomly selected without replacement. Respondents were asked to identify the only thing that they can’t live without. Responses consist of whether a smartphone ...Find the probability that at least two of the six offspring peas have green pods. If at least two offspring peas with green pods are required for further experimentation, is it reasonable to expect that at least two will be ...Based on a Bellowes survey of adults, there is a 0.48 probability that a randomly selected adult uses a tax preparer to file taxes. Find the probability that among 20 randomly selected adults, exactly 12 use tax preparers to ...Based on data from the Centers for Disease Control, the probability of a randomly selected person having gonorrhea is 0.00114. In tests for gonorrhea, blood samples from 16 people are combined. What is the probability that ...Post your question

0