An online gambling site offers a first prize of $55,000 and two second prizes of $10,000 each for registered users when they place a bet. A random bet will be selected over a 24-hour period. One million bets are received in the contest. Find the expected winnings if you can place one registered bet of $1 in the given period. Let x be the amount of the net winnings. What are the possible values of x? 54999,9999, - 1 (Use a comma to separate answers as needed. Do not use commas in the individual values. Do not include the $ symbol in your answer.) The expected payback for a person who places one registered bet is $ - 0.93. (Round to two decimal places as needed.)

Q: Identify the (a) appropriate non-parametric procedure for each item and (b) provide a short justific...

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.