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A gambling game pays 10 to 1 and there is 1 chance in 12 for me to win. Suppose I play this game 150 times,
A gambling game pays 10 to 1 and there is 1 chance in 12 for me to win. Suppose I play this game 150 times, betting $20 each time. Assume that the plays are independent of each other. (a) Write down the box model for keeping track of the net gain, including values on the tickets, number of each type of ticket, and number of draws. (b) My net gain (amount won or lost after 150 plays) has an expected value of dollars and a standard error of dollars. (c) What is the approximate chance that I win more than $250? % (d) What is the approximate chance that I lose more than $250? %A gambling game pays 10 to 1 and there is 1 chance in 12 for me to win. Suppose I play this game 150 times, betting $20 each time. Assume that the plays are independent of each other. (a) Write down the box model for keeping track of the net gain, including values on the tickets, number of each type of ticket, and number of draws. (b) My net gain (amount won or lost after 150 plays) has an expected value of dollars and a standard error of dollars. (c) What is the approximate chance that I win more than $250? % (d) What is the approximate chance that I lose more than $250? %
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