What is the variable?, statistics assignment help
1. Suppose a person is shooting at a very small target. Assume that the person hits the target 1.5 percent of time. If the person hits the target, then the person wins $25,000. If the target is missed the loss is $500. Consider the amount of money to be won in this contest.
- What is the variable?
- What are the values of the variable?
- What is the probability distribution?
- What is the expected amount of money to be won?
- What is the probability that the person does not lose money?
