Author Question: Suppose you are playing a game of chance. If you bet 5 on a certain event, you will collect 115 ... (Read 47 times)

Collmarie · **on:** Jul 25, 2018

Suppose you are playing a game of chance. If you bet 5 on a certain event, you will collect 115
(including your 5 bet) if you win. Find the odds used for determining the payoff.

A) 1 : 22 B) 23 : 1 C) 22 : 1 D) 115 : 120

Question 2

Explain how a nonstandard normal distribution differs from the standard normal
distribution. Describe the process for finding probabilities for nonstandard normal
distributions.

What will be an ideal response?

matt95 · **Reply #1 on:** Jul 25, 2018

Answer to Question 1

C

Answer to Question 2

Both distributions are bell-shaped. In a standard distribution, the mean is 0 and the standard deviation is 1. In a
nonstandard distribution, the mean and standard deviation can have other values. (Of course, SD values are positive.)
The process should include sketching the diagram, marking the x score on the diagram, computing the corresponding
z score, shading the appropriate area of interest, finding the area corresponding to the z score in the table (the area
between the mean and the z-score), then using that area to find the shaded area of interest.