Real Life Stats Applicaions of the Week 6 - deal or no deal

Real Life Stats Applicaions of the Week 6 - deal or no deal...

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Unformatted text preview: Real Life Stats Application of the Week 6 Deal or No Deal Deal or No Deal is a TV show (hosted by Howie Mandel) Rules: There are 26 suitcases with amounts ranging from $0.01 to $1,000,000 You pick one suitcase that stays with you the entire game Then you open six of the remaining 25 cases, revealing their amounts The “banker” offers you an amount of money to stop playing the game right there. If you accept, you say “Deal” and the game ends If not, you say “No Deal” and you go to another round (The banker’s offer is based on the amounts in the cases that have not been opened, and how far along in the game you are) Next round, you open 5 cases, and then the banker makes an offer Then 4 cases, then 3, then 2, then 1 case at a time until there is only one case left. At the start of the game, the mean is $131,477.50 At every point in the game, you can calculate the mean of the amounts in the remaining cases....
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This note was uploaded on 10/21/2010 for the course STAT 230 taught by Professor Various during the Fall '06 term at Waterloo.

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