Why is the standard deviation so large- if you play 5 times, Basic Statistics

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Why is the standard deviation so large- if you play 5 times

Casino

A casino knows that people play the slot machines in hopes of hitting the jackpot, but that most of them lose their dollar. Suppose a certain machine pays out an average of $0.92, with a standard deviation of $120.

a) Why is the standard deviation so large?

b) If you play 5 times, what are the mean and standard deviation of the casino s profit?

c) If gamblers play this machine 1000 times in a day, what are the mean and standard deviation of the casino s profit?

d) Do you think the casino is likely to be profitable? Explain.

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Basic Statistics: Why is the standard deviation so large- if you play 5 times

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