I need help on the last question C. The other picture is for context. c) Now, suppose the mean payout for a single bet on this machine is known to be approximatelyNormal.(i) What is the probability that you'd walk away with a profit after 1 bet?(ii) What number of bets should you make to expect the most profit? 4.After realizing that you're almost destined to lose money in Vegas, you decide to go intothe casino of the Bellagio to tempt your fate. A flashy slot machine with loud music and bright colorscatches 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 awayfrom the machine having netted a profit?

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Description: I need help on the last question C. The other picture is for context. c) Now, suppose the mean payout for a single bet on this machine is known to be approximatelyNormal.(i) What is the probability that you'd walk away with a profit after 1 bet?(ii)

Given information: μ=$1, σ=$0.50 c) i) Let X be distribution for mean payout for single mean bet…

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c) Now, suppose the mean payout for a single bet on this machine is known to be approximately Normal. (i) What is the probability that you'd walk away with a profit after 1 bet? (ii) What number of bets should you make to expect the most profit?

c) Now, suppose the mean payout for a single bet on this machine is known to be approximately Normal. (i) What is the probability that you'd walk away with a profit after 1 bet? (ii) What number of bets should you make to expect the most profit?

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

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Statements and Logic

Logic is the analysis of general patterns of thoughts without regard to any specific sense of context.

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I need help on the last question C. The other picture is for context.

c) Now, suppose the mean payout for a single bet on this machine is known to be approximately
Normal.
(i) What is the probability that you'd walk away with a profit after 1 bet?
(ii) What number of bets should you make to expect the most 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 – 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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