Find the best answers to your questions at Westonci.ca, where experts and enthusiasts provide accurate, reliable information. Get quick and reliable solutions to your questions from a community of experienced professionals on our platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.
Sagot :
Answer: (a) The mean and standard deviation of the average payout that Joe receives from his 14,000 bets are $0.60 and $0.1602 respectively.
(b) The probability that Joe's average payout per bet is between $0.50 and $0.70 is 0.4647.
Step-by-step explanation:
Let X = average payout of a bet.
The mean of the random variable X is, μ = $0.60.
The standard deviation of the random variable X is, σ = $18.96.
The number of total bets made is, n = 14000.
Since n = 14000 > 30, the Central limit theorem can be used to approximate the sampling distribution of sample mean.
Thus, the mean and standard deviation of the average payout that Joe receives from his 14,000 bets are $0.60 and $0.1602 respectively.
Compute the probability that Joe's average payout per bet is between $0.50 and $0.70 as follows:
=P (-0.62 < Z < 0.62)
= P (Z < 0.62) - P(Z < -0.62)
= P (Z < 0.62) - [1-P (Z < 0.62)
= 2P (Z < 0.62) - 1
= (2 x 0.73237) - 1
= 0.46474
≈ 0.4647
Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.
