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Reinhard

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).

  • 11 months ago
  • 11 months ago

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  1. vipergirl81
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    expected number of times you win is 100 wins is 1 in 6, total 600.

    • 11 months ago
  2. mmpt
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    \[SE=\sqrt(np(1-p))\]

    • 11 months ago
  3. vipergirl81
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    so basically the SE is 9.1287

    • 11 months ago
  4. IsaMad
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    9.1287 is correct

    • 11 months ago
  5. Reinhard
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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).

    • 11 months ago
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