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4. After realizing that you're almost destined to lose money in Vegas, you decide to go into the casino of the Bellagio to tempt your fate. A flashy slot machine with loud music and bright colors catches your eye on this machine is $1 with a standard deviation of $0.50, and it costs $2 per pull. you gravitate to it. Suppose it is known that the mean payout for a single bet (pull) a) If you sat at this machine and made 100 bets (pulls): (i) Would the distribution of your average payout be approximately Normal? Explain. (ii) Would this change if you were to make only 10 bets? b) Assuming you do make 100 bets on this machine, what is the probability that you will walk away from the machine having netted a profit?

4. After realizing that you're almost destined to lose money in Vegas, you decide to go into the casino of the Bellagio to tempt your fate. A flashy slot machine with loud music and bright colors catches your eye on this machine is $1 with a standard deviation of $0.50, and it costs $2 per pull. you gravitate to it. Suppose it is known that the mean payout for a single bet (pull) a) If you sat at this machine and made 100 bets (pulls): (i) Would the distribution of your average payout be approximately Normal? Explain. (ii) Would this change if you were to make only 10 bets? b) Assuming you do make 100 bets on this machine, what is the probability that you will walk away from the machine having netted a profit?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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4. After realizing that you're almost destined to lose money in Vegas, you decide to go into the casino of the Bellagio to tempt your fate. A flashy slot machine with loud music and bright colors catches your eye – you gravitate to it. Suppose it is known that the mean payout for a single bet (pull) on this machine is $1 with a standard deviation of $0.50, and it costs $2 per pull. a) If you sat at this machine and made 100 bets (pulls): (i) Would the distribution of your average payout be approximately Normal? Explain. (ii) Would this change if you were to make only 10 bets? b) Assuming you do make 100 bets on this machine, what is the probability that you will walk away from the machine having netted a profit?
Transcribed Image Text:4. After realizing that you're almost destined to lose money in Vegas, you decide to go into the casino of the Bellagio to tempt your fate. A flashy slot machine with loud music and bright colors catches your eye – you gravitate to it. Suppose it is known that the mean payout for a single bet (pull) on this machine is $1 with a standard deviation of $0.50, and it costs $2 per pull. a) If you sat at this machine and made 100 bets (pulls): (i) Would the distribution of your average payout be approximately Normal? Explain. (ii) Would this change if you were to make only 10 bets? b) Assuming you do make 100 bets on this machine, what is the probability that you will walk away from the machine having netted a profit?
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