In the game of roulette. a player can place a $4 bet on the number 9 and have a 38 probability of winning. If the metal ball lands on 9. the player gets to keep the $4 paid to play the game and the...

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In the game of roulette. a player can place a $4 bet on the number 9 and have a 38 probability of winning. If the metal ball lands on 9. the player gets to keep the $4 paid to play the game and the player is awarded an additional $140. Otherwise. the player is awarded nothing and the casino takes the player's $4. What is the expected value of the game to the player? If you played the game 1000 times. how much would you expect to lose? Note that the expected value is the amount. on average. one would expect to gain or lose each game.
The expected value is $11. (Round to the nearest cent as needed.) The player would expect to lose about $n. (Round to the nearest cent as needed.)
Find the mean variance. and standard deviation of the binomial distribution with the given values of n and p. n=121. p=0.84
The mean. 1.t. is 1101 61 (Round to the nearest tenth as needed.)
The variance. a2. is ?. (Round to the nearest tenth as needed.) The standard deviation a. is ?. (Round to the nearest tenth as needed.)


Answered Same DayDec 25, 2021

Answer To: In the game of roulette. a player can place a $4 bet on the number 9 and have a 38 probability of...

David answered on Dec 25 2021
117 Votes
Assignment for Rs.1200 in Statistics 8/2/2017
Unit 3
Qn. 2
Land on 9 Non 9 Total
Prob P 1/38
37/38 1
Gain G 140+4 = 144 0-4 =-4
P*G 144/38 -148/38 -4/38
Expected value = -4/38 (Negative)
Note: Since expected value is negative it is not a fair game from the point of view
of player
Part II:
Each trial is independent and there are only two outcomes he wins 144/38 or he
loses 148/38
For 1000 trials we can multiple the expected value for one toss by 1000 times.
Expected loss for 1000 trials = 1000(-4./38) = -4000/38 dollars.
Qn.3
Given that n=121 and p = 0.84
Mean of binomial distribution = np = 121(0.84) = 101.64
Variance = npq = 101.64(1-0.84) = 16.2624
Std deviation = square root of variance = 4.0327
Qn. 4
Let X be the no of students who say that they use credit cards because of the
rewards program
X is binomial with two outcomes either use because of rewards programs or not
because of rewards prog. Also each student is...
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