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Author Question: Suppose you are playing a game of chance. If you bet 5 on a certain event, you will collect 115 ... (Read 107 times)

Collmarie

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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?


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matt95

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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.


Collmarie

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Reply 2 on: Jul 25, 2018
Great answer, keep it coming :)

blakcmamba

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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