STATS HOMEWORK ! ! !! ! !! !? - recover 3 digit combination lock:
1 - The local lotto game where a player has a chance to collect up to $ 750.
The player must choose a 3-digit number, and if it fits, the player receives $ 750
Consider that a 3-digit 000 number for lottery tickets.
It costs $ 1 to play.
What is the advantage of each player (or expected loss).
No words, if a loss of $ 0.02, you write that: - $ 0.02
No loss of 2 cents.
The format is expected to:
$ 4.00 - $ 4.00, etc. (none of which is correct!)
2 decimal places required. It's your money!
2 sources said the police car with a protection system will be restored to 91% of the time. Find the probability that 5 of 8 vehicles stolen are recovered.
Thursday, January 7, 2010
Recover 3 Digit Combination Lock: STATS HOMEWORK ! ! !! ! !! !?
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1 - The local lotto game where a player has a chance to collect up to $ 750.
The player must choose a 3-digit number, and if it fits, the player receives $ 750
Consider that a 3-digit 000 number for lottery tickets.
It costs $ 1 to play.
What is the advantage of each player (or expected loss).
What can happen ... win or lose.
P (exit) = 1 / 100C3 = 1 / 166, 167,000
P (lose) = 1 - P (Win) = 166166999 / 166167000
Expected value = sum of x * p (x) = 750 * P (Win) - 1 * P (loose)
0.000004513532-0.999999993982 = = - = 0.999995480450 - $ 1.00
2 sources said the police car with a protection system will be restored to 91% of the time. Find the probability that 5 of 8 vehicles stolen are recovered.
Model with a binomial distribution:
See http://en.wikipedia.org/wiki/Binomial_di ... for formula
n = 8, x = 5, p = 0.91 =>
P (5 of 8 stolen vehicles are recovered) = 0.0255
See http://www.stat.tamu.edu/ ~ west / applets / b ... for a binomialCalculator.
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