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March 29, 2017

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A game consists of tossing two coins, first a dime and then a nickel. For each coin which comes up a head you win the value of the coin. For each coin which comes up a tail you get nothing.
{HH,HT,TH,TT} - each outcome with probability .25 - winnings are 15,10,5,0

a) Find the mean or expected winnings

b) Find the standard deviation of your winnings.

c) If you had to pay a dime to play the game, what would be the mean of your winnings?

d) If you had to pay a dime to play the game, what would be the standard deviation of your winnings?

  • statistics/probability - ,

    Expected winning can be found by summing over all possible outcomes the product of winning and the respective probability.

    For outcome HH:
    winning=0.25
    probability = 0.25
    prodcut = 0.25*0.25=0.0625

    Repeat for the 3 other outcomes, and add the 4 products together to get the expected winning.

  • statistics/probability - ,

    The breaking strength (in pounds) of a certain new synthetic is normally distributed, with a mean of 170 and a variance of 4. The material is considered defective if the breaking strength is less than 166 pounds. What is the probability that a single, randomly selected piece of material will be defective?

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