Incoming students at a certain law school have an average LSAT score of 163 and a Standard Devation (SD) of 8. Tomorrow, one of these students will be picked at random. You have to guess the score now; the guess will be compared to the actual score, to see how far off it is. Each point off will cost a dollar. (For example, if the guess is 158 and the score is really 151, you will have to pay $7).
A) Is the best guess 150, 163, or 170?
B) You have about 1 chance in 3 to lose more than ______. (LSAT scores range from 120 to 180; the average across all test-takers is about 150 and the SD is about 9. The test is re-normed from time to time, the data are for 2005).
a. $1.
b. $8.
c. $20.