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One person has 3 dollars to gamble; each time he uses only one dollar, the probability is 60% to lose and 40% to win. If he accumulates 5 dollars or loses 3 dollars, he will stop the gamble. Using transition matrix to estimate how many times he will play to finish the gamble. What is the probability to finish the gamble(get $5 or $0) You will have to provide the following answers:
a. Chart of the markov chain and transition matrix
b. How many times to finish the gamble
c. Probability to finish the gamble
A researcher wants to estimate the average time (in minutes) spent in a car daily. This will be done by randomly surveying 300 individuals and calculating the sample mean.
if x nusigma 2 find the value of c such that p x- u lt c
a standardized achievement test provides a distribution of scores with a mean of 200 and a standard deviation of 25. a
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Critically discuss some examples of descriptive statistics? Why are they used in research? What is a confidence interval?
Ace Machine Works estimates that the probability its lathe tool is properly adjusted is 0.8. When the lathe is properly adjusted, there is a 0.9 probability that the parts produced pass inspection.
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