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Chapter 6: Q. 54 (page 380)

54. The Tri -State Pick 3Refer to Exercise 42. Suppose 365
(a) Find the mean and standard deviation of your total winnings. Show your work.
(b) Interpret each of the values from (a) in context .

Short Answer

Expert verified

(a) The mean and standard deviation of your total winnings are -$182.50and $301.86.

(b) The standard deviation shows that there will be loss of $182.50 in an year which may average on an average by $5767 in a year.

Step by step solution

01

Part (a) Step 1: Given information

Given in the question that the mean and standard deviation of the total winnings.

02

Part (a) Step 2: Calculate the mean and standard deviation of total winnings

According to the information, the population mean:

(渭)=$0.50
Population standard deviation:

(蟽)=$15.80.

Let's determine the mean and standard deviation of the total payoff as:

localid="1649873876116" 渭P=365渭X鈭�365=365(0.50)+0.50=鈭�$182.50

Then,
localid="1649873879625" 蟽p=蟽X12+蟽X22+鈥�+蟽X3652=365(15.80)=$301.86

03

Part (b) Step 1: Given information

Interpret the values that determined from (a) in context.

04

Part (b) Step 2: Interpret the values

Let's consider the result from part (a):
渭=鈭�$182.50

蟽=$5767.00

Hence, will lose about $182.50in a year on average, which will vary on average by about $5767.00in a year.

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