Suppose the Average Casino Patron in Las Vegas Loses $110

question 72

Short Answer

Suppose the average casino patron in Las Vegas loses $110 dollars per day,with a standard deviation of $700.Assume winnings/losses are normally distributed.
A)What is the probability that a random group of nine people average more than $500 in winnings on their one day trip to Las Vegas?
B)What is the probability that a random group of nine people average more than $500 in losses on their one day trip to Las Vegas?

• A)What is the probability that a random group of nine people average more than $500 in winnings on their one day trip to Las Vegas?
• B)What is the probability that a random group of nine people average more than $500 in losses on their one day trip to Las Vegas?

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Definitions:

Shaded Area

This refers to the region that is visually differentiated by a darker shade on a graph or diagram, often used to highlight specific sections.

Z-scores

Z-scores are standardized scores indicating how many standard deviations an element is from the mean.

Standard Normal Distribution

A normal distribution with a mean of zero and a standard deviation of one, used in z-tests of statistical significance.

Less Than

A mathematical symbol (<) indicating that the value on the left is smaller than the value on the right.