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Chances of Risk in the Financial Aspect Questions
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- If you look up the word normal in a dictionary, you will find it is synonymous with the words standard and usual. Consider the very wide and general applications of the normal probability distribution. Comment on why good synonyms for normal probability distribution might be the standard probability distribution or the usual probability distribution. List at least three random variables from everyday life for which you think the normal probability distribution could be applicable.
- Why would you want to use the normal distribution to approximate a binomial distribution?
- What is continuity correction? How does it improve the normal approximation to the binomial?
