Determine the variance, Basic Statistics

A gambling machines works in the following way. The player inserts a penny into 1 of 5 slots which are colored Blue, Red, Orange, Yellow & Green corresponding to 5 colored light bulbs. The player can choose which ever colored slot he likes. After the penny has been inserted 1 of the 5 bulbs lights up. If the bulb lit up is the same color as the slot selected by the player, then the player wins and receives from the machine R pennies, where P(R=2)=1/2, P(R=4)=1/4, P(R=6)=3/20, & P(R=8)=P(R=10)=1/20 If the color of the bulb lit up and the slot selected are not the same, the player receives nothing from the machine. In either case the player does not get back the penny that he inserted. Assuming that each of the colors is equally likely to light up and that the machines selects the bulbs at random, determine (c ) the variance of the amount gained by the player from a single try.

Posted Date: 2/22/2013 4:31:16 AM | Location : United States







Related Discussions:- Determine the variance, Assignment Help, Ask Question on Determine the variance, Get Answer, Expert's Help, Determine the variance Discussions

Write discussion on Determine the variance
Your posts are moderated
Related Questions
opened a business each contributing %60,000 cash to the company and receiving a capital stock for their investment

Report on the residual plots – are the assumptions of the regression met

#questionw..what is ment by resolance tube

what are the statistics hypotheses for bartlett''s test for exponential distribution?


Someone tries to increase the magnetic field inside a coil by adding more turns to the coil. Where should he add more turns: to the end of the coil (i.e., to make it longer) or to

A coin was flipped twenty times and landed on heads fifteen times. If the coin was balanced fair what is the probability of a head on the next toss

To determine the amount at which inventory should be reported on the December 31 Year 1 balance sheet, Monroe Company compiles the following information for its inventory of Produc

.A study of long term phone calls made from general electricss corporate headquarters in fairfeild, conneticuit, revealed the length of the calls, in minutes follows the normal pro

SCENARIO It is proposed to construct a 3m diameter, 50m long tunnel, heading 0950, through the andesite lava flow at Maori Bay (Muriwai). As part of the preliminary investigati