Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A gambler playing roulette decides to make a section bet covering the numbers 1-12. This bet pays 2 to 1 and has chance 12/38 =

A gambler playing roulette decides to make a "section bet" covering the numbers 1-12. This bet pays 2 to 1 and has chance 12/38 = 6/19 of winning on any particular play. The gambler bets 100 times, betting $50 each time.

(a) Write down the box model to represent this situation, including the values on the tickets, the number of repeats of each ticket, and how many draws we will make with replacement from the box.

(b) The average of this box is ___________ and the SD of the box is ____________.

(c) In 100 plays, the gambler's net gain (total amount won or lost) has an expected value of $___________, with a standard error of $___________.

(d) What is the chance that the gambler comes out ahead (has a positive net gain) after the 100 plays? Use the normal approximation to calculate this. ___________%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Elementary Differential Equations

Authors: William E Boyce, Richard C DiPrima, Douglas B Meade

11th Edition

1119169879, 9781119169871

More Books

Students also viewed these Mathematics questions