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anonymous
 one year ago
A bowl contains 10 chips, of which 8 are marked $2 each and 2 are marked $5 each. Let a person choose, at random and with replacement, three chips from this bowl. If the person receive the sum of the resulting amounts, find his expectation and standard deviation of the amount he received. What is the probability the amount he will receive is within (+) 1 standard deviation from the mean?
E(X) = 2.6
Then I have no more idea.
anonymous
 one year ago
A bowl contains 10 chips, of which 8 are marked $2 each and 2 are marked $5 each. Let a person choose, at random and with replacement, three chips from this bowl. If the person receive the sum of the resulting amounts, find his expectation and standard deviation of the amount he received. What is the probability the amount he will receive is within (+) 1 standard deviation from the mean? E(X) = 2.6 Then I have no more idea.

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anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Ah 20 more mins to submission due date.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Guess I will go up to my teacher office and submit now :(.

kropot72
 one year ago
Best ResponseYou've already chosen the best response.1This can be solved using the binomial distribution. On each draw the probability of $5 is 8/10 = 0.8 and the probability of $2 is 2/10 = 0.2 The probability of getting 3 of $5 chips in three draws is given by: \[\large P(3\ $5)=3C3\times0.8^{3}\times0.2^{0}=0.512\] By similar calculation, we find that: P(2 $5) = 0.384 P(1 $5) = 0.096 However there are only two $2 chips, therefore P(0 $5) = 0 The expected value E is given by: \[\large E=$15\times0.512+$12\times0.384+$9\times0.096+$6\times0=$13.15\]

kropot72
 one year ago
Best ResponseYou've already chosen the best response.1$2.60 is far too low for the expected amount.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0That's my friend answer. hmm

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Alright I go submit now. Thanks @kropot72 do continue the rest of the question so I could learn.

kropot72
 one year ago
Best ResponseYou've already chosen the best response.1I have to log out now. Hopefully someone can continue with this question.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Thank you so much @kropot72
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