1. Suppose the expected value of a $1 lottery scratch ticket is $0.95.Does this mean that you will lose exactly $0.95 every time you buy such a ticket?Explain your answer briefly.
2. The Central Limit Theorem states that as the sample size increases, the distribution of all the possible sample means (that is the sampling distribution of sample means) approaches a normal distribution.The mean of the sampling distribution will be the same as as/than the mean of the population and the standard deviation of the sampling distribution will be less than as/than the standard deviation of the population.(Fill in the first blank with one word.Fill each of the other blanks with a "comparison" word (or phrase).
3. List the 5 requirements needed for an experiment/procedure to be considered a binomial distribution.
4. The Acme Pro Office service provides temporary office personnel for many corporations.They have found that 88% of their invoices are paid within 10 working days by these corporations.Suppose the service randomly selects 8 of their invoices that are at least 10 working days old.Use this situation to answer the parts below.

• Recognizing that this is a binomial situation, give the meaning S and F in this context.That is, define what you will classify as a "success" and what you will classify as a "failure" as it refers to paying invoices within 10 working days.
• S=
• F=