How much to win or lose if one heads appear for game to fair
The coin is tossed 3 times. Assume you lose $3 if 3 heads appear, lose $2 if 2 heads appear, and win $3 if 0 heads appear. How much must you win or lose if one heads appears for game to be fair.
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The average cost of living for a family of 4 in twelve different cities was found to be $65,351 with a standard deviation of $7711. In dollars, what is a 90% confidence interval for the true mean, m?
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The single die is rolled once. You lose $12 if number divisible by 3 turns up. How much must you win if number not divisible by 3 turns up for game to be fair?
Assume you lose $3 if 3 heads appear, lose $2 if 2 heads appear, and win $3 if 0 heads appear. How much must you win or lose if one heads appears for game to be fair.
The 5-card hand is dealt from the standard 52 card deck. If hand has at least on diamond you win $10 otherwise you lose $4. Determine the expected value of game.
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Acme has 280 working days per year, and lead time for the production run is three days. Use production lot size model to determine the given values.
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