Stat 119 Minitab 5

# Stat 119 Minitab 5 - 37 Statistics 119 Minitab Assignment#5...

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37 Statistics 119 Minitab Assignment #5 Evan Schweigel Evan Schweigel Minitab #5 Due: 3/21/06 Class # 37 32182169

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37 Introduction One day a friend proposes a seemingly good-natured, fair wager to you. He pulls a coin out of his pocket and tells you the rules of his game: when the coin lands on the “heads” side, he wins and you owe him \$1, but when the coin lands on the “tails” side, you win and he owes you \$1. So both he and you have a 50% chance of winning a dollar because we know that each side of a fair, unweighted coin has an equal chance of landing face up, therefore this simple game has an expected value of \$0 (\$1 - \$1 = \$0, \$0 / \$2 = \$0). Most people would take this bet that is proposed to you because there is little risk of losing a lot of money by playing, but that is based on one critical assumption. That assumption is that your friend is not a cheater and that his coin is the same as any coin you would pick up on the street. The best way to avoid getting played for a fool
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Stat 119 Minitab 5 - 37 Statistics 119 Minitab Assignment#5...

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