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I knew it was binomial the second they said 'exactly 3' but I fumbled the standard deviation formula for a moment.
Recognize this as a binomial distribution problem with n=10 and p=1/6. Calculate the probability of exactly 3 sixes using the binomial formula, then compute the expected value and standard deviation using the binomial formulas. Clearly state assumptions and interpret results in context.
Pro tip: After computing the numbers, briefly explain what they mean in a business context—e.g., how likely it is to observe 3 sixes and how much variation to expect—to demonstrate practical insight.
State that the number of sixes in 10 independent rolls follows a binomial distribution with parameters n=10 and p=1/6.
Use the binomial probability formula: P(X=3) = C(10,3) * (1/6)^3 * (5/6)^7. Compute the combination and powers to get the numerical value.
Use the binomial mean formula: E[X] = n * p = 10 * (1/6) = 10/6 ≈ 1.6667.
Use the binomial variance formula: Var(X) = n * p * (1-p) = 10 * (1/6) * (5/6) = 50/36 ≈ 1.3889. Then take the square root to get the standard deviation: √(50/36) ≈ 1.1785.
Present the final answers: probability ≈ 0.155, expected value ≈ 1.67, standard deviation ≈ 1.18. Briefly interpret these results in the context of the problem.
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