Expected Value for Deal or No Deal The television game show Deal or No Deal begins with individual suitcases containing the amounts of 1, $1, $5, $10, $25, $50, $75, $100, $200, $300, $400, $500, $750, $1000, $5000, $10,000, $25,000, $50,000, $75,000, $100,000, $200,000, $300,000, $400,000, $500,000, $750,000, and $1,000,000. If a player adopts the strategy of choosing the option of no deal until one suitcase remains, the payoff is one of the amounts listed, and they are all equally likely. a. Find the expected value for this strategy. b. Find the value of the standard deviation. c. Use the range rule of thumb to identify the range of usual outcomes. d. Based on the preceding results, is a result of $750,000 or $1,000,000 unusually high? Why or why not?

Sample Distributions (Chapter 10) Important definitions explained in these notes: Sample space Event Parameter Statistical inference The Law of Large Numbers Discrete Probability Models Continuous Probability Models Random Variable Random Variable X bar or xx Central Limit Theorem An unbiased estimator...