Hey can anyone help me out on this one? I think we use Chebychev's inequality but I'm not sure what we plug in where to find a reasonable upper bound. Thanks
adikantawala: March 19, 2015, 2:18 p.m.
you use 1/4nc^2 where n is the number of trials and C is the range that the bounds go in between. In this case c is 0.1 since .4 and .6 are both .1 away from .5. n is 100,000 since the question states there is 100,000 trials. So the answer is .1 < 1/[(4) (100,000)(.1^2) ]
Lilyhui: March 19, 2015, 9:12 p.m.
yup! got the same
nkokikian: March 20, 2015, 10:28 a.m.
How would our setup change if the question asked us to find the lower bound?