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Assume that the probability of winning a game is 7%. You pay $1 to play this game. If you win, you get $20 in return
Assume that the probability of winning a game is 7%. You pay $1 to play this game. If you win, you get $20 in return (i.e., $19 net return); if lose, you get nothing back. Assume that you play this game 100 times, what is the probability that you lose money overall? Assume that your earnings follow a normal distribution, what are the mean and standard deviation?
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