Question
Suppose a certain game of chance pays the player some dollar amount X each play, but the average amount per play is unknown. To estimate
Suppose a certain game of chance pays the player some dollar amount X each play, but the average amount per play is unknown.
To estimate this average, we play 50 rounds and record the results. Assume the probability distribution of the dollar amount X each round is the same and the rounds are independent.
For these 50 rounds, it turns out we average 7.17 dollars per play; the standard deviation per play is 5.86 dollars.
We estimate the average per play to be 7.17. What margin of error yields an approximate 80% confidence interval?
7.17 ______ dollars
Enter the margin of error rounded to the nearest cent (two decimal places).
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