4- A gambler plays roulette game and he is insisting to play all his money to black (A roulette wheel has38 slots: 18 are black, 18 are red, and 2 are green).a) Try to calculate required number of spin for average(µ) loss corresponds to the certain amount ofhis initial money (M) completely. Around this average loss, what is the confidence interval (95% oru±20 ) of the money (the variance (O? ) of the process should be calculated as well)?b)RV x is money (won (n times) or lost(N-n times) amount where N is number of spin, e.g. 25, 50,100, 200, 400, 500,..1500...) try to establish a distribution and all moments of this RV. Try to explainwhether his decision is sustainable or not. Try to find a winning strategy. Plot the probability densityfunction for various N values.

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Description: 4- A gambler plays roulette game and he is insisting to play all his money to black (A roulette wheel has38 slots: 18 are black, 18 are red, and 2 are green).a) Try to calculate required number of spin for average(µ) loss corresponds to the certain

A roulette wheel has 38 slots: 18 are black, 18 are red, and 2 are green => The probability that…

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Probability

4- A gambler plays roulette game and he is insisting to play all his money to black (A roulette wheel has 38 slots: 18 are black, 18 are red, and 2 are green). a) Try to calculate required number of spin for average(µ) loss corresponds to the certain amount of his initial money (M) completely. Around this average loss, what is the confidence interval (95% or u±20 ) of the money (the variance (O² ) of the process should be calculated as well)? b)RV x is money (won (n times) or lost(N-n times) amount where N is number of spin, e.g. 25, 50, 100, 200, 400, 500,..1500...) try to establish a distribution and all moments of this RV. Try to explain whether his decision is sustainable or not. Try to find a winning strategy. Plot the probability density function for various N values.

4- A gambler plays roulette game and he is insisting to play all his money to black (A roulette wheel has 38 slots: 18 are black, 18 are red, and 2 are green). a) Try to calculate required number of spin for average(µ) loss corresponds to the certain amount of his initial money (M) completely. Around this average loss, what is the confidence interval (95% or u±20 ) of the money (the variance (O² ) of the process should be calculated as well)? b)RV x is money (won (n times) or lost(N-n times) amount where N is number of spin, e.g. 25, 50, 100, 200, 400, 500,..1500...) try to establish a distribution and all moments of this RV. Try to explain whether his decision is sustainable or not. Try to find a winning strategy. Plot the probability density function for various N values.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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