Question: Answer each question.Show your work for every example. 1.Suppose I roll two six-sided dice and offer to pay you $10 times the sum of the

Answer each question.Show your work for every example.

1.Suppose I roll two six-sided dice and offer to pay you $10 times the sum of the numbers showing. (e.g., if I roll a 4 and a 5, I will pay you $10 * (5+4) = $90). The probability chart for each roll is given:

Roll 2 Probability 0.027778Roll 3 Probability 0.055556Roll 4 Probability 0.083333 Roll 5 Probability 0.111111Roll 6 Probability 0.138889

Roll 7 Probability 0.166667 Roll 8 Probability 0.138889Roll 9 Probability 0.111111Roll 10 Probability 0.083333 Roll 11 Probability 0.055556

Roll 12 Probability 0.027778

A)What is the expected payoff to you?

B)What is the variance of the payoff to you?

C)What is the standard deviation of the payoff to you?

2.Now we are going to play the game 100 times. Each time I will pay you $100 times the

A)What is the expected total payment to you (the sum of all 100 games)?

B)What is the standard deviation of your payout?

C)What is the probability you will earn more than $6200?

D)What is the probability you will earn less than $7200?

E)What is the probability you will earn between $6400 and $6850?

3.The number of people who show up to New York Yankees games can be approximated as a Normal distribution, with an average of 34,000, and a standard deviation of 4,000.

A)What is the probability that more than 40,000 people will come to any one specific game?

B)What is the probability that less than 30,000 people will come to any one specific game?

C)What is the probability that between 33,000 and 37,000 will be at any one specific game?

4.Suppose the average height of American adult males is 5 feet 10 inches (70 inches) and the standard deviation is 3 inches. If I randomly sample 100 men:

A)What will the expected value of the average height of that sample be? (i.e. the mean of the sampling distribution)

B)What will the standard deviation of the average height in that sample be? (i.e. the standard deviation of the sampling distribution)

C)How big of a sample would we need to have a standard deviation of 0.1 inches?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

C++ Program For this assignment, write a program that will simulate a single game of Craps. Craps is a game of chance where a player (the shooter) will roll 2 six-sided dice. The sum of the dice will...

ductory Statistics Third Edition Perdisco Assessment Below is a set of assessable homework questions on this topic, selected by your professor. Take care! Do not submit your answers until you have...

1 2.3 Definition of a Discrete Probability Function Definition: Let S be a discrete sample space from some experiment. A function P, defined on all events in S, is said to be a probability function...

**USE UNIQUE CODE TO ANSWER THIS, Im TRYING TO SEE IF THERES MULTIPLE WAYS OF SOLVING THIS QUESTION** **USE UNIQUE CODE TO ANSWER THIS, Im TRYING TO SEE IF THERES MULTIPLE WAYS OF SOLVING THIS...

Please explain to me clearly and show how to do the two suppositions in the (question) file. Please take a look at the (notes) file and see the material up to the questions will be needed to answer...

UNIT 5 QZ, Q-20 UNIT 5 / UNIT 8 QUESTIONS KEEP ANSWERS SEPARATE BY UNITS UNIT II STUDY GUIDE Consumer Mathematics Reading Assignment See information below. Key Terms 1. Add-on interest method 2....

Financial information for American Eagle is presented in Appendix A at the end of the book, and financial information for Buckle is presented in Appendix B at the end of the book. Required: 1....

1. 2. 3. 1. 2. Complete the table by computing the future value and present value of an ordinary annuity given the following conditions. Future Value (F) Activity 1.2 Direction: Complete the table by...

What is the average cost? Your plant produces 156 snowmobiles per month. Direct costs are $2,790 per snowmobile. The monthly overhead is $93,600. What is the average cost per snowmobile with overhead

For this discussion summarize a case involving improper revenue recognition. The case you discuss can be one you have observed, or one you have read about. In your discussion explain how the...