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Reinhard Group Title

A gambling game pays 4 to 1 and the chance of winning is 1 in 6. Suppose you bet $1 on this game 600 times independently. Find the expected number of times you win. Find the SE of the number of times you win. Find the chance that you lose more than $50 (that is, your net gain in the 600 bets is less than -$50).

  • one year ago
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  1. vipergirl81 Group Title
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    expected number of times you win is 100 wins is 1 in 6, total 600.

    • one year ago
  2. mmpt Group Title
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    \[SE=\sqrt(np(1-p))\]

    • one year ago
  3. vipergirl81 Group Title
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    so basically the SE is 9.1287

    • one year ago
  4. IsaMad Group Title
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    9.1287 is correct

    • one year ago
  5. Reinhard Group Title
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    Find the chance that you lose more than $50 (that is, your net gain in the 600 bets is less than -$50).

    • one year ago
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