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At roulette, there are 38 slots. Of these, 18 are red. Red pays even money. So, if you risk $1 on red and win, you net gain +1 dollar. If you lose, your net equals –1 dollar. The probability chart for one play of $1 on red is: k +1 -1 P(k) 18 20 38 38 Suppose you will play for 25 rounds and bet one dollar on red each round. (You may enter values rounded to the nearest cent. Beware of carried rounding error.) Your average net gain per play equals -0.05 dollars. The SD of your net gain per play equals 1.00 dollars. The expected value of your total net gain after 25 plays equals -1.25 dollars. The standard error of your total net gain after 25 plays equals 25 dollars.

At roulette, there are 38 slots. Of these, 18 are red. Red pays even money. So, if you risk $1 on red and win, you net gain +1 dollar. If you lose, your net equals –1 dollar. The probability chart for one play of $1 on red is: k +1 -1 P(k) 18 20 38 38 Suppose you will play for 25 rounds and bet one dollar on red each round. (You may enter values rounded to the nearest cent. Beware of carried rounding error.) Your average net gain per play equals -0.05 dollars. The SD of your net gain per play equals 1.00 dollars. The expected value of your total net gain after 25 plays equals -1.25 dollars. The standard error of your total net gain after 25 plays equals 25 dollars.

A First Course in Probability (10th Edition)
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. Of these, 18 are red. Red pays even money. So, if you risk $1 on red and win, you net gain +1 dollar. If you lose, your net equals –1 dollar. The probability chart for one play of $1 on red is: k +1 -1 P(k) 18 20 38 38 Suppose you will play for 25 rounds and bet one dollar on red each round. (You may enter values rounded to the nearest cent. Beware of carried rounding error.) Your average net gain per play equals -0.05 dollars. The SD of your net gain per play equals 1.00 dollars. The expected value of your total net gain after 25 plays equals -1.25 dollars. The standard error of your total net gain after 25 plays equals 25 dollars.
Transcribed Image Text:At roulette, there are 38 slots. Of these, 18 are red. Red pays even money. So, if you risk $1 on red and win, you net gain +1 dollar. If you lose, your net equals –1 dollar. The probability chart for one play of $1 on red is: k +1 -1 P(k) 18 20 38 38 Suppose you will play for 25 rounds and bet one dollar on red each round. (You may enter values rounded to the nearest cent. Beware of carried rounding error.) Your average net gain per play equals -0.05 dollars. The SD of your net gain per play equals 1.00 dollars. The expected value of your total net gain after 25 plays equals -1.25 dollars. The standard error of your total net gain after 25 plays equals 25 dollars.
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