Q: A person who has a habit of driving fast has never had
A person who has a habit of driving fast has never had a traffic citation. What does it mean to say that “the law of averages will catch up with him”? Is it true? Explain.
See AnswerQ: Suppose you are offered this opportunity: You can place a bet
Suppose you are offered this opportunity: You can place a bet of $10 and someone else tosses a coin. You win an additional $15 if heads occurs, and you lose your $10 if tails occurs. What is the expec...
See AnswerQ: If you bet $1 in Kentucky’s Pick 4 lottery, you
If you bet $1 in Kentucky’s Pick 4 lottery, you either lose $1 or gain $4999. (The winning prize is $5000, but your $1 bet is not returned, so the net gain is $4999.) The game is played by selecting a...
See AnswerQ: There is a 0.9986 probability that a randomly selected 30
There is a 0.9986 probability that a randomly selected 30-year-old male will live through the year. A life insurance company charges $161 for insuring that the male will live through the year. If he d...
See AnswerQ: There is a 0.9968 probability that a randomly selected 50
There is a 0.9968 probability that a randomly selected 50-year-old female will live through the year. A life insurance company charges $226 for insuring that the female will live through the year. If...
See AnswerQ: You arrive at a bus stop randomly, and all arrival times
You arrive at a bus stop randomly, and all arrival times are equally likely. The bus arrives regularly every 24 minutes without delay. What is the expected value for your waiting time?
See AnswerQ: Which of the following are likely to have a correlation?
Which of the following are likely to have a correlation? a. Amounts donated to charities in a year and annual incomes. b. Hat sizes and annual incomes of randomly selected adults. c. Braking reaction...
See AnswerQ: As shown in Figure 6.11, a roulette wheel has
As shown in Figure 6.11, a roulette wheel has 38 numbers, with 18 odd numbers (black) and 18 even numbers (red), as well as 0 and 00 (which are green). If you bet $5 that the outcome is an odd number,...
See AnswerQ: When you give a casino $20 for a bet on the
When you give a casino $20 for a bet on the “pass line” in a dice game, there is a 251/495 probability that you will lose $20 and there is a 244/495 probability that you will make a net gain of $20. (...
See AnswerQ: In New Jersey’s Pick 4 lottery, you pay 50¢ to
In New Jersey’s Pick 4 lottery, you pay 50¢ to select a sequence of four digits, such as 2273, from the 10,000 different possible four-digit sequences. If you select the same sequence of four digits t...
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