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1) Someone gives you 10 to 1 odds that you cannot roll a double number with the roll of a pair of dice. You win $10 if you succeed and you lose $1 if you fail. What is the expected value of the game for you? What can be expected if you play 100 times?
2) Lottery: Assume the jackpot has a value of $30 million, you spend $365 per year, tickets are $1, with odds at 1 in 80,000,000 for top prize. What are your odds of winning?
At 0.05 level of significance, is there enough evidence to conclude that difference exists between proportion of students who have ear infections at one school and the other?
Determine the centerline and the upper and lower control limits for a 3-sigma mean control chart in which each sample consists of 4 cylinders
Start rolling dice until a particular number, say 3, is obtained, and keep track of how many rolls are necessary. Repeat 100 times. Then find the average.
Let 3 trails (they may not be independent), each of which is either success or not. Let X denotes number of successes. Assume E[X] = 1.8. Determine the largest possible value of P(X=3)?
According to Chebyshev's theorem, proportion of values from data set that is further than 2 standard deviations from the mean is at most?
Sarah is a 60 year old Anglo female in reasonably good health. She wants to take out a $50,000 term life insurance policy until she is 65.
In which category is ANOVA properly classified?
What fraction of the calls last between 4.2 and 5 minutes?
Is there evidence to suggest a difference in the mean waiting times at the four body shops?
Using decision tree analysis, decide whether Jay must proceed with his law suit against manufacturer.
Construct a 90% confidence interval for the population proportion p . Does your result agree with your conclusion in part (a)?
A fair die is rolled nine times. What is the probability that an odd number (1,3 or 5) will occur less than 3 times?
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