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Chapter 7: Q. 20 (page 464)

A grocery chain runs a prize game by giving each customer a ticket that may win a prize when the box is scratched off. Printed on the ticket is a dollar value (\(500,\)100,\(10)or the statement, 鈥淭his ticket is not a winner.鈥� Monetary prizes can be redeemed for groceries at the store. Here are the distribution of the prize values and the associated probabilities for each prize:

Which of the following are the mean and standard deviation, respectively, of the winnings?
\)15.00,\(2900.00
(b) \)15.00,\(53.85
(c) \)15.00,\(26.9

(d) \)156.25,\(53.85

(e) \)156.25,$26.93

Short Answer

Expert verified

The mean and standard deviation are $15and $53.83. So, the correct answer is option(b).

Step by step solution

01

Given information

A grocery chain runs a prize game by giving tickets. Printed on the ticket is a dollar value ($500,$100,$10). To determine the mean and standard deviation of the winnings.

02

Explanation

The mean is determined by:

Mean=鈭�x脳P(x)=500(0.01)+100(0.05)+25(0.20)+0(0.74)=15
The standard deviation is calculated by:
蟽=鈭�x2脳P(x)-鈭�x脳P(x)2=5002脳0.01+1002脳0.05+鈥�.+02脳0.74-(15)2=2900=53.83
Hence, the mean and standard deviation are $15and $53.83.

So, option (b) is correct answer.

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Most popular questions from this chapter

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