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A roulette wheel has 38 slots, of which 18 are black, 18 are red, and 2 are green. When the wheel is spun, the ball is equally likely to come to rest in any of the slots. One of the simplest wagers chooses red or black. A bet of $1 on red returns $2 if the ball lands in a red slot. Otherwise, the player loses his dollar. When gamblers bet on red or black, the two green slots belong to the house. Because the probability of winning $2 is 18/38, the mean payoff from a $1 bet is twice 18/38, or 94.7 cents.
What does the law of large numbers tell us about what will happen if a gambler makes very many bets on red?
A. If the gambler keeps on playing forever he must win.
B. In the long run, the gambler earns an average of 94.7 cents per bet.
C. The player should change his bet to black if he wishes to win in the long run.
Find the value of Z-score- standard normal distribution.Find out a value of the standard normal random variable z, call it z0.
A machine that manufactures automobile parts is estimated to produce defective parts 5% of the time. If this estimate is correct, and 9 parts produced by this machine are randomly selected
Identify this F ratio. What does the F ratio tell you about the fit of the regression equation to the sample points? What does it suggest?
The ACT is an exam used by colleges and universities to evaluate undergraduate applicants. The test scores are normally distributed. In a recent year, the mean test score was 21.1 and the standard deviation was 5.0.
A medical researcher found a significant relationship among a person's age x1, cholesterol level x2, sodium level of the blood x3, and systolic blood pressure y.
The weights (in pounds) of a sample of five boxes being sent by UPS are: 12, 6, 7, 3, and 10.
According to Bienayme-Chebyshev rule, what percentages of these funds are likely to be within ±2 standard deviation of mean?
What is the importance of hypothesis testing for independence of variables using two-way tables? Is there an example of this for a better understanding?
The average monthly electric bill of a random sample of 256 residents of a city is $90 with a standard deviation of $24.
Conduct the following test using 95% level of confidence.
An internal study by the Technology Services department at Lahey Electronics revealed company employees receive an average of 6.0 emails per hour. Assume the arrival of these emails is approximated by the Poisson distribution.
In a random sample of 26 people, the mean number of books they had read in the past year was 14.93 books and the standard deviation was 16.60 books.
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