Refer to Exercise 4.6. The mean and standard deviation of the probability distribution for the lottery winnings
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Refer to Exercise 4.6.
The mean and standard deviation of the probability distribution for the lottery winnings y are μ = 0.10 and σ = 316.23.
Suppose you play the lottery 1 million times. Let ¯y denote your average winnings.
(a) Find the mean and standard error of the sampling distribution of ¯y.
(b) About how likely is it that you would “come out ahead,” with your average winnings exceeding $1, the amount you paid to play each time?
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