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

If the difference between two means is not statistically

If the difference between two means is not statistically significant, how certain are you that the independent variable really does not affect the dependent variable?

1 under what conditions is the median a more meaningful

1. Under what conditions is the median a more meaningful measure of central tendency than the mean? 2. Why do researchers prefer the standard deviation as a measure of variability over the range?

The department of education would like to determine if

The Department of Education would like to determine if there are gender differences in the performance of twins on the state mandated mathematics examination. As a result, they have collected data on twelve sets of twins ...

Assume that population means are to be estimated from the

Assume that population means are to be estimated from the samples described. Use the sample results to approximate the margin of error and 95% confidence interval. Sample size equals=6464, sample mean equals=8282, sample ...

What was the hellenistic age and how did it come to be what

What was the Hellenistic age and how did it come to be? What are some special characteristics of Hellenistic cities, art, culture, thought, and achievements? What were some of the major contributions of the Hellenistic a ...

Consider the approximately normal population of heights of

Consider the approximately normal population of heights of male college students with mean μ = 68 inches and standard deviation of σ = 4.6 inches. A random sample of 16 heights is obtained. (a) Describe the distribution ...

Let x0 x1 x2nbspbe three vectors in rn prove that these

Let x 0 , x 1 , x 2  be three vectors in R n . Prove that these vectors are affine independent if and only if none of them is a convex combination of the other two.

Consider the following system of preferences recall that

Consider the following system of preferences (recall that the preferences of the women appear in the lower right side of each cell (read vertically) and the preferences of the men appear on the upper left side (read hori ...

Assignment1what is statistics2describe the differences

Assignment 1. What is statistics? 2. Describe the differences between inferential statistics and descriptive statistics. 3. The call center received 30 phone calls on a Monday, below is the number of minutes each call la ...

The number of credits being taken by a sample of 13

The number of credits being taken by a sample of 13 full-time college students are listed below. Find the mean, median, and mode of the data, if possible. If any measure cannot be found or does not represent the center o ...

  • 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