At roulette, there are 38 slots. A "column" consists of 12 of these slots. A column pays 2 to 1. So, ifyou 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 entervalues rounded to the nearest cent. Beware of carried rounding error.)Your average net gain per play equals 0.0526dollars.The SD of your net gain per play equals 1.39dollars.The expected value of your total net gain after 100 plays equals -5.3dollars.The standard error of your total net gain after 100 plays equals 13.94dollars.

Given, At roulette, there are 38 slots. A column consists of 12 of these slots. A column pays 2 to…

Answered: At roulette, there are 38 slots. A…

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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Similar questions

If the option will cost the investor an additional $10,000, should the investor purchase the option?
According to one study, the average monthly cell phone bill in a certain country is $70 (up 31% since 2009). If an 18-year old student with an average bill gives up his cell phone and each month invests the $70 he would have spent on his phone bill in a savings plan that averages a 4% annual return, how much will he have saved by the time he is 70? He will have saved $by the time heis 70. (Round to the nearest cent as needed.)
Each spin costs $2. If the spinner lands on C the player wins a dime, if the spinner stops on A the player wins $9 otherwise the player wins nothing. Calculate the players expected winnings. Express your answer to at least three decimal places in dollar form.. Answer: $ 3/11 A 4/11 B D C 2/11 2/11
s
A game costs $5 per play. Six numbers, chosen from 0 to 99 without repetition, are written on a card and placed in a box. A contestant who can guess the six numbers will win $1 000 000. Is this a fair prize? Provide calculations to support your answer
Your friend makes up a game to play over Zoom during the shelter in place, and asks if you would like to play. The rules are: You win $8 if you roll a 6. You win $4 if you roll a 4 or 5 Otherwise, you have to pay $10. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. The first value is filled in for you. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) -10 b. Find the expected profit. $ (Round to the nearest cent)c. Interpret the expected value. You will win this much if you play a game. This is the most likely amount of money you will win. If you play many games, on average, you will likely win, or lose if negative, close to this amount.

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