Suppose that you are a student worker in the statistics department and they agree to pay you using the random pay system. each week, the chair flips a coin. if it comes up heads, your pay for the week is $80 and if it comes up tails your pay for the week is $40. your friend is working for the engineering department and makes $65 per week. the probability that your total earnings in 100 weeks are more than hers is

The probability of getting paid more than $6500 in 100 weeks is 0.6%

Explanation:

In this problem, we need to define a probabilty distribution for the money earned.

The 100-week payoff can be expressed as

Being L the numbers of weeks we have low pay and H the weeks we have high pay.

Now, as it is a coin flip, H is a binomial random variable with p=0.5 and n=100

For a total pay off of more than 6500, H has to be

That means that in at least 63 of the 100 weeks we have to get a high pay.

If we compute the individual probabilities we get P(H≥63)=0.006 or 0.6%.

so i don't know what video you're talking about, but here's some stuff steve jobs gave as advice.

- love what you do.

- the worst thing that could happen might turn out to be the best thing that could happen.

- follow your heart and trust it knows where it's going.