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Expected Value for Deal or No Deal The television game show Deal or No Deal begins with

Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola ISBN: 9780321836960 18

Solution for problem 26 Chapter 5-2

Elementary Statistics | 12th Edition

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Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola

Elementary Statistics | 12th Edition

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Problem 26

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?

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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...

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Chapter 5-2, Problem 26 is Solved
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Textbook: Elementary Statistics
Edition: 12
Author: Mario F. Triola
ISBN: 9780321836960

Elementary Statistics was written by and is associated to the ISBN: 9780321836960. This full solution covers the following key subjects: . This expansive textbook survival guide covers 121 chapters, and 3629 solutions. This textbook survival guide was created for the textbook: Elementary Statistics, edition: 12. The full step-by-step solution to problem: 26 from chapter: 5-2 was answered by , our top Statistics solution expert on 03/15/17, 10:30PM. Since the solution to 26 from 5-2 chapter was answered, more than 228 students have viewed the full step-by-step answer. The answer to “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?” is broken down into a number of easy to follow steps, and 130 words.

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