Mathematics, 05.04.2021 23:20, teamroper35
The law of large numbers tells us what happens in the long run. Like many games of chance, the numbers racket has outcomes so variable - one three-digit number wins $600 and all others win nothing - that gamblers never reach the long run. Even after many bets, their average winnings may not be close to the mean. For the numbers racket, the mean payout for single bets is $0.60 (60 cents) and the standard deviation of payouts is about $18.96. If Joe plays 350 days a year for 40 years, he makes 14,000 bets.
Required:
a. What is the mean of the average payout x that Joe receives from his 14,000 bets?
b. What is the standard deviation of the average payout x that Joe receives from his 14,000 bets?
c. What is the approximate probability that Joe's average payout per bet is between $0.50 and $0.70?
Answers: 3
Mathematics, 21.06.2019 14:40, kiasiab17
The physical fitness of an athlete is often measured by how much oxygen the athlete takes in (which is recorded in milliliters per kilogram, ml/kg). the mean maximum oxygen uptake for elite athletes has been found to be 60 with a standard deviation of 7.2. assume that the distribution is approximately normal.
Answers: 3
Mathematics, 21.06.2019 17:00, TheRunningPotatoe245
Asif spent $745.10 on 13 new file cabinets for his office. small file cabinets cost $43.50 and large file cabinets cost $65.95. write and solve a system of equations to find the number of small cabinets and large cabinets he purchased. determine if each statement is true or false. 1. he purchased 5 small cabinets. true or false 2. he purchased 7 large cabinets. true or false 3. he spent $527.60 on large cabinets. true or false
Answers: 2
The law of large numbers tells us what happens in the long run. Like many games of chance, the numbe...