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Consider a game in which you throw a fair die a win $2 if the numbers 1, 2 or 3 come up and los $2 otherwise. Let X= the amount you win/lose c nin of tho dio plau thi

Consider a game in which you throw a fair die a win $2 if the numbers 1, 2 or 3 come up and los $2 otherwise. Let X= the amount you win/lose c nin of tho dio plau thi

Linear Algebra: A Modern Introduction
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter2: Systems Of Linear Equations
Section2.4: Applications
Problem 36EQ
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Consider a game in which you throw a fair die and win $2 if the numbers 1, 2 or 3 come up and lose $2 otherwise. Let X= the amount you win/lose on each spin of the die. Suppose you play this game n 50 times, recording Y, the average gain/loss over the 50 plays. Use Excel to simulate this 50-play game 500 times (suggestion: put each 50-play game in a separate column). 1. What is the population mean for X? 2. What is the population variance for X? Now for each 50-spin game, calculate a 97% confidence interval for the population mean (based on each sample mean value). 3. How many of the 500 confidence intervals do you expect will include the population mean for X.
Transcribed Image Text:Consider a game in which you throw a fair die and win $2 if the numbers 1, 2 or 3 come up and lose $2 otherwise. Let X= the amount you win/lose on each spin of the die. Suppose you play this game n 50 times, recording Y, the average gain/loss over the 50 plays. Use Excel to simulate this 50-play game 500 times (suggestion: put each 50-play game in a separate column). 1. What is the population mean for X? 2. What is the population variance for X? Now for each 50-spin game, calculate a 97% confidence interval for the population mean (based on each sample mean value). 3. How many of the 500 confidence intervals do you expect will include the population mean for X.
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