Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

A $1.00 bet is a state lottery's pick 3 game pays $500 if the three-digit number you select exactly matches the winning number, which is drawn at random. Here is distribution of payoff X:

PayoffX

$0.00

$500.00

Probability

0.9999

0.001

Each day's drawing is independent of other drawings:

a) What are the mean and standard deviation of the X?

b) Joe buys a choose 3 ticket every day. What does the law of large numbers say regarding the average payoff Joe receives from his bets?

c) What does the central limit theorem say regarding the distribution of Joe's average payoff after 365 bets in the year?

d) Joe comes out ahead for the year if his average payoff is bigger than $1.00 (the amount he spends each day on a ticket).  Find out the probability that Joe ends the year ahead?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M922443

Have any Question? 


Related Questions in Statistics and Probability

In onenbsptownnbsp24nbspof all voters are democrats if two

In one town, 24% of all voters are Democrats. If two voters are randomly selected for a survey, find the probability that they are both Democrats. Round to the nearest thousandth if necessary.

1 must all experiments include a control group explain2 in

1. Must all experiments include a control group? Explain. 2. In what way do researchers take a risk if they do not pilot test the independent variable they plan to use in an experiment?

To test the model you will make 5 trades using 5 different

To test the model, you will make 5 trades using 5 different sets of data. You may define the parameters of the put call parity or use the following assumption for the parameters: Interest rate is 5%Transaction costs for ...

1 one factor in determining the shelf life of a dry cereal

1) One factor in determining the shelf life of a dry cereal is the moisture content.  Since standard packaging techniques do not completely prevent cereal from absorbing moisture, the longer it stays on the shelf, the mo ...

A random sample of the price of gasoline from 40 gas

A random sample of the price of gasoline from 40 gas stations in a region gives the statistics below. Complete parts a) and b). ybar = $3.79, s = $0.27 a) Find a 95% confidence interval for the mean price of regular gaso ...

Develop a research question that addresses one of the

Develop a research question that addresses one of the unknowns in the question: Positive interactions between the CEO and board members lead to enhanced and better performance of the Corporation . Address the following 1 ...

1 the total variance in a set of scores can be partitioned

1. The total variance in a set of scores can be partitioned into two components. What are they, and how do they differ? 2. What are some factors that contribute to error variance in a set of data? 3. Generally, do resear ...

Listed below is a list of how long it takes for bands on

Listed below is a list of how long it takes for bands on stage to complete their first song (in seconds). 538 312 327 309 344 313 318 315 325 331 312 314 What is the mean time it takes for bands on stage to complete thei ...

Pretend we are playing a coin-tossing game we will toss 100

Pretend we are playing a coin-tossing game. We will toss 100 pennies (all distinguishable) into the air, and there is an equal chance they will land on the table or on the floor. What is the dimensionless entropy associa ...

Spss assignment 02the data set you need to do the

SPSS Assignment 02 The data set you need to do the assignment can be found on Blackboard in the folder "Assignments and due dates" and in the spreadsheet "Data for Assignment 2". This is a group assignment and you can su ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen