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and 2. If you bet one dollar on a color in a spin of a roulette wheel, then you will either win one dollar or lose one dollar. The probability is 20/38 (about 526) that you will lose one dollar and 18/38 (about .474) that you will win one dollar. a. Explain what it means to say that the probability of winning one dollar is 474, as if to someone with no formal knowledge of statistics. b. Consider losing one dollar to mean that your winnings are (-1) dollar. Determine the expected value of your winnings from betting one dollar on one spin of a roulette wheel. c. Write a sentence or two interpreting what this expected value means in this context. hich

and 2. If you bet one dollar on a color in a spin of a roulette wheel, then you will either win one dollar or lose one dollar. The probability is 20/38 (about 526) that you will lose one dollar and 18/38 (about .474) that you will win one dollar. a. Explain what it means to say that the probability of winning one dollar is 474, as if to someone with no formal knowledge of statistics. b. Consider losing one dollar to mean that your winnings are (-1) dollar. Determine the expected value of your winnings from betting one dollar on one spin of a roulette wheel. c. Write a sentence or two interpreting what this expected value means in this context. hich

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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2. If you bet one dollar on a color in a spin of a roulette wheel, then you will either win one dollar or lose one dollar. The probability is 20/38 (about 526) that you will lose one dollar and 18/38 (about .474) that you will win one dollar. Number of Simulations a. Explain what it means to say that the probability of winning one dollar is .474, as if to someone with no formal knowledge of statistics. 3. Suppose that you have a 1/6 probability of winning a game of solitaire, which remains the same in every game regardless of what happens in prior games. You decide to play games repeatedly until you win twice. You want to know the probability that you will need to play 10 games or fewer in order to achieve your goal of winning twice. a. Describe how you could use a fair, six-sided die to simulate this process. Now consider the following histogram that results from simulating this process 500 times: b. Consider losing one dollar to mean that your winnings are (-1) dollar. Determine the expected value of your winnings from betting one dollar on one spin of a roulette wheel. c. Write a sentence or two interpreting what this expected value means in this context. 100 probability that the average and 515. 80 60 20 0 40 03 6 9 12 15 18 21 24 27 30 33 36 39 42 Number of Games Required 45 48 51 b. Use these simulation results to approximate the probability that in ten or fewer games. you will finish
Transcribed Image Text:2. If you bet one dollar on a color in a spin of a roulette wheel, then you will either win one dollar or lose one dollar. The probability is 20/38 (about 526) that you will lose one dollar and 18/38 (about .474) that you will win one dollar. Number of Simulations a. Explain what it means to say that the probability of winning one dollar is .474, as if to someone with no formal knowledge of statistics. 3. Suppose that you have a 1/6 probability of winning a game of solitaire, which remains the same in every game regardless of what happens in prior games. You decide to play games repeatedly until you win twice. You want to know the probability that you will need to play 10 games or fewer in order to achieve your goal of winning twice. a. Describe how you could use a fair, six-sided die to simulate this process. Now consider the following histogram that results from simulating this process 500 times: b. Consider losing one dollar to mean that your winnings are (-1) dollar. Determine the expected value of your winnings from betting one dollar on one spin of a roulette wheel. c. Write a sentence or two interpreting what this expected value means in this context. 100 probability that the average and 515. 80 60 20 0 40 03 6 9 12 15 18 21 24 27 30 33 36 39 42 Number of Games Required 45 48 51 b. Use these simulation results to approximate the probability that in ten or fewer games. you will finish
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