Question
On a TV game show, each contestant has a try at the wheel of fortune. The wheel of fortune is a roulette wheel with
On a TV game show, each contestant has a try at the wheel of fortune. The wheel of fortune is a roulette wheel with 36 slots, one of which is gold. If the ball lands in the gold slot, the contestant wins $50,000. No other slot pays. What is the probability that the game show will have to pay the fortune to three contestants out of 100? In this problem, the contestant and the game show sponsors are concerned about only two outcomes from the wheel of fortune: The ball lands on the gold, or the ball does not land on the gold.
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A First Course in Quantitative Finance
Authors: Thomas Mazzoni
1st edition
9781108411431, 978-1108419574
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