Suppose there are 10,000 independent plays of the roulette wheel in a month at a casino. To keep things simple, suppose that all bets are $1 on each play on red. Recall from the previous week's that the house has a 20 chances in 38 to win. Thus the box model contains 20 +$1 tickets and 18 -$1 tickets. This problem is similar to the previous problem but an important difference is that we are interested in the problem from the house perspective instead of the gambler's perspective. We computed from Example 2 of the Week 9 Lecture Notes that on average the house is expected to win $0.05 per play. So over 10,000 plays, the house is expected to win $500. The standard error was also computed to be $100. Thus, the house is expected to win $500 give or take $100 or so. The probability, in percent, that the house win between $400 and $600 is . The probability, in percent, that the house win between $350 and $650 is . The h
QUESTION 5
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Suppose there are 10,000 independent plays of the roulette wheel in a month at a casino. To keep things simple, suppose that all bets are $1 on each play on red. Recall from the previous week's that the house has a 20 chances in 38 to win. Thus the box model contains 20 +$1 tickets and 18 -$1 tickets.
This problem is similar to the previous problem but an important difference is that we are interested in the problem from the house perspective instead of the gambler's perspective.
We computed from Example 2 of the Week 9 Lecture Notes that on average the house is expected to win $0.05 per play. So over 10,000 plays, the house is expected to win $500. The standard error was also computed to be $100. Thus, the house is expected to win $500 give or take $100 or so.
The probability, in percent, that the house win between $400 and $600 is .
The probability, in percent, that the house win between $350 and $650 is . The house always win!
Round your answers to the nearest percent, for example, if the answer is 34.56%, enter 35. Hint: You need to use the Ztable for these problems. See Example 2 of the Week 9 Lecture Notes.
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