Need help on number 4 PLEASE HELP FAST WILL GIVE BRAINLIEST AND LOTS OF POINTS
1 answer:
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Answer:
A. 0.009899
B. 0.005624
Step-by-step explanation:
Data:
Let the probability that an item is defective =
The probability that the item is not defective =
The probability that the fifth item is defective =
= 0.009899
Probability that one in 5 items is defective = 0.005624
Answer:
E(Y) = $0.5
Var(Y) = 14.25
you should pay the same amount $0.5
Step-by-step explanation:
E(Y) = = Σ(YP)
P = probability of each outcomes.
Var(Y) = Σp − (μ x μ)
E(Y) = (2 x 0.25) +(6 x 0.25) + (0.5 x (-3)) = $0.5
Var(Y) = (x 0.25) + (
x 0.25) +(
x 0.5) - (
)
= 14.5 - 0.25
Var(Y) = 14.25
for the difference between the payoff and cost of playing to have mean 0, you should pay the same amount $0.5