Find the expected value and standard deviation of winnings

Reference no: EM131764148

Question: Keno In a game of 4-Spot Keno, the player picks 4 numbers from 1 to 80. The casino randomly selects 20 winning numbers from 1 to 80. The table below shows the possible outcomes of the game and their probabilities, along with the amount of money (Payout) that the player wins for a $1 bet. If X = the payout for a single $1 bet, you can check that μX = $0.70 and σX = $6.58.

(a) Interpret the values of mX and sX in context.

(b) Jerry places a single $5 bet on 4-Spot Keno. Find the expected value and the standard deviation of his winnings.

(c) Marla plays five games of 4-Spot Keno, betting $1 each time. Find the expected value and the standard deviation of her total winnings.

(d) Based on your answers to (b) and (c), which player would the casino prefer? Justify your answer.

Reference no: EM131764148

Questions Cloud

Create an argument whether an auditor concerned : Create an argument whether an auditor concerned with appropriate segregation of duties would use a data flow diagram or system flowchart

Which components make up these nucleotides : During DNA synthesis, nucleotides are incorporated into the growing

Discuss adjusting entries have been prepared : Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly

Describe the basic elements of natural selection : 1. Describe the basic elements of natural selection and how a trait ends up being adaptive. 2. Describe continental drift.

Find the expected value and standard deviation of winnings : Keno In a game of 4-Spot Keno, the player picks 4 numbers from 1 to 80. The casino randomly selects 20 winning numbers from 1 to 80.

Probability-eggs in randomly selected carton are unbroken : Let Y denote the number of broken eggs in a randomly selected carton of one dozen "store brand" eggs at a local supermarket.

Discuss about the ten principles of economics : Each scenario below practices one of the 10 Principles of Economics. Match the principles to the appropriate scenario listed and justify your answer.

What is the net realizable value of the accounts : What is the net realizable value of the accounts receivable for Brielle

Probability of the number of degrees off target : The target temperature is 550°C. What are the mean and standard deviation of the number of degrees off target, D = X - 550?

User Account

All Pages