At roulette, there are 38 slots. A "column" consists of 12 of these slots. A column pays 2 to 1. So, if you risk $1 on a column and win, you net gain +2 dollars. If you lose, your net equals –1 dollar. Suppose you will play for 100 rounds and bet one dollar on a column each round. (You may enter values rounded to the nearest cent. Beware of carried rounding error.) Your average net gain per play equals o.0526 dollars. The SD of your net gain per play equals 1.39 dollars. The expected value of your total net gain after 100 plays equals -5.3 dollars. The standard error of your total net gain after 100 plays equals 13.94 dollars.
At roulette, there are 38 slots. A "column" consists of 12 of these slots. A column pays 2 to 1. So, if you risk $1 on a column and win, you net gain +2 dollars. If you lose, your net equals –1 dollar. Suppose you will play for 100 rounds and bet one dollar on a column each round. (You may enter values rounded to the nearest cent. Beware of carried rounding error.) Your average net gain per play equals o.0526 dollars. The SD of your net gain per play equals 1.39 dollars. The expected value of your total net gain after 100 plays equals -5.3 dollars. The standard error of your total net gain after 100 plays equals 13.94 dollars.
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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![At roulette, there are 38 slots. A "column" consists of 12 of these slots. A column pays 2 to 1. So, if
you risk $1 on a column and win, you net gain +2 dollars. If you lose, your net equals –1 dollar.
Suppose you will play for 100 rounds and bet one dollar on a column each round. (You may enter
values rounded to the nearest cent. Beware of carried rounding error.)
Your average net gain per play equals 0.0526
dollars.
The SD of your net gain per play equals 1.39
dollars.
The expected value of your total net gain after 100 plays equals -5.3
dollars.
The standard error of your total net gain after 100 plays equals 13.94
dollars.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb89e603e-61c2-4a4b-a30b-7e019f65a9c9%2F2acf525c-fbd4-45ac-898f-7d793ced8af1%2Fi5on72_processed.png&w=3840&q=75)
Transcribed Image Text:At roulette, there are 38 slots. A "column" consists of 12 of these slots. A column pays 2 to 1. So, if
you risk $1 on a column and win, you net gain +2 dollars. If you lose, your net equals –1 dollar.
Suppose you will play for 100 rounds and bet one dollar on a column each round. (You may enter
values rounded to the nearest cent. Beware of carried rounding error.)
Your average net gain per play equals 0.0526
dollars.
The SD of your net gain per play equals 1.39
dollars.
The expected value of your total net gain after 100 plays equals -5.3
dollars.
The standard error of your total net gain after 100 plays equals 13.94
dollars.
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