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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
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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vipergirl81Best ResponseYou've already chosen the best response.1
expected number of times you win is 100 wins is 1 in 6, total 600.
 11 months ago

vipergirl81Best ResponseYou've already chosen the best response.1
so basically the SE is 9.1287
 11 months ago

ReinhardBest ResponseYou've already chosen the best response.0
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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