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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.
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1. MMC's CEO, Dr. Warren A. Beatty (Not the actor) believes that the demand trend for MMC is essentially linear. Thus, he wishes to determine if linear regression would be an effec
Statistical process control, a methodology used for controlling and improving the outcomes of operational processes, has been in use for almost 100 years! It was widely used in ma
1. In your own words explain the difference between a point estimate and an interval estimate of a parameter? Which is better? Why? 2. What information is necessary to calculat
According to a weather forecaster's subjective probability assessments, the probability of record-breaking rain during this year in Jamshedpur is 0.01 . However, if Ranchi has a r
Introduce the aim of this section of the report including an explanation of the data to be analysed. • Use Excel to produce a box and whisker plot for the two sets of booking data
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The monthly income of a company employee is normally distributed with the mean Rs. 20,000 and standard deviation of Rs. 5000. a) Find the probability that an employee earns more th
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