I am playing a gambling game. On each play, I have a 10% chance of winning $12, a 30% chance of breaking even (not winning or losing any money), and 60% chance of losing $5. I play this game 300 times. (a) Write down the box model to represent this situation, including the values on the tickets, the number of repeats of each ticket, and how many draws we will make with replacement from the box. (b) The average of this box is ___________ and the SD of the box is ____________. (c) In 300 plays, my net gain (total amount won or lost) has an expected value of $___________, with a standard error of $___________. (d) What is the chance that I come out ahead (have a positive net gain) after the 300 plays? Use the normal approximation to calculate this. ___________%

I am playing a gambling game. On each play, I have a 10% chance of winning $12, a 30% chance of breaking even (not winning or losing any money), and 60% chance of losing $5. I play this game 300 times. (a) Write down the box model to represent this situation, including the values on the tickets, the number of repeats of each ticket, and how many draws we will make with replacement from the box. (b) The average of this box is _____ and the SD of the box is . (c) In 300 plays, my net gain (total amount won or lost) has an expected value of $_, with a standard error of $_. (d) What is the chance that I come out ahead (have a positive net gain) after the 300 plays? Use the normal approximation to calculate this. _____%

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.5: Counting Principles

Problem 3SE: Answer the following questions. 3. When given two separate events, how do we know whether to apply...

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