Question regarding probability on table game

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Reference no: EM1386240

Suppose that you are the director of table game operations at a large casino, known especially for its poker room. You are interested in determining the average number of hands the casino should expect per hour during peak hours in the poker room. You monitor the number of hands over the next week and given a random sample of 30 hours, you see that on average 172.99 hands are played per hour, with a standard deviation of 7.695 hands and you calculated a 90% confidence interval to be (170.603, 175.377). Your manager believes the true mean is 242.4. Which of the following is the best conclusion?

1) We are 90% confident that the average number of hands played per hour is less than 242.4.

2) We cannot determine the proper interpretation based on the information given.

3) We are 90% confident that the average number of hands played per hour is no different from 242.4.

4) We are 90% confident that the average number of hands played per hour is greater than 242.4.

5) The percentage of hours in which more than 242.4 hands of poker are played is 90%.

Reference no: EM1386240

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