The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louis

Question

The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and one-quarter miles. The following table shows the winners since 1990, their margin of victory, the winning time, and the payoff on a $2 bet.

12.10        

Determine the mean and median for the variables winning time and payoff on a $2 bet. (Round your winning time mean and median to 4 decimal places and Payoff answers to 2 decimal places.)

Determine the range and standard deviation of the variables winning time and payoff on a $2 bet. (Round your winning time range and standard deviation to 4 decimal places and Payoff answers to 2 decimal places.)

The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and one-quarter miles. The following table shows the winners since 1990, their margin of victory, the winning time, and the payoff on a $2 bet.

Explanation / Answer

SOLUTION :-

a.

The mean and median for the variables winning time are

MEAN= 2.03506 and MEDIAN= 2.03687

The mean and median for the payoff :

MEAN = 26.4416 and MEDIAN = 11.35

b.

The range and standard deviation of the variables winning time are
RANGE = 0.07458 and STANDARD DEVIATION = 0.02285

The range and standard deviation of the payoff is

RANGE= 114.4 and STANDARD DEVIATION = 31.8791

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