If a gambler places a bet on the number 7 in roulette he or she has...
11. If a gambler places a bet on the number 7 in roulette, he or she has a 1/38 probability of winning. a. Find the mean and standard deviation for the number of wins of gamblers who bet on the number 7 two hundred and fifty times. b. Would 0 wins in two hundred and fifty bets be an unusually low number of wins?
If a gambler places a bet on the number 7 in roulette, he or she has a 1/38 probability of winning. Find the mean and standard deviation for the number of wins of gamblers who bet on the number 7 one hundred and seventy times The value of the mean is μ=___?
(5.31) A roulette wheel has 38 slots, of which 18 are black, 18 are red, and 2 are green. When the wheel is spun, the ball is equally likely to come to rest in a any of the slots. Gamblers can place a number of different bets in roulette. One of the simplest wagers chooses red or black. A bet of $1 on red will pay off an additional dollar if the ball lands in a red slot. Otherwise, the...
24. A gambler decides to bet on the first 12 numbers on a roulette table. There are 12 chances in 38 to win. This bet pays 2 to 1. The gambler bets $3 on each play and plays 190 times. (a) (4 points) Construct a box model for one bet. (b) (2 points) Compute the expected value for the sum of all 190 plays (c) (3 points) Compute the standard error for the sum of all 190 plays. (d) (5...
33 When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 16 or to bet $5 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler knows that the expected value of the $5 bet for a single number is -0.53¢. For the $5 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of 8 of making...
w D Mode Delay a. For classes of 245 students, find the mean and standard deviation for the number born on the 4th of July. Ignore leap years. b. For a class of 245 students, would two be an unusually high number who were born on the 4th of July? a. The value of the mean is p = 0.671233 (Round to six decimal places as needed.) The value of the standard deviation is o = 0.818165 (Round to six...
2. (From the Fall 2017 takehome.) In American roulette, a roulette wheel with 38 possible outcomeste numbers 1 to 36, "0", and "00" is spun. As the wheel spins, players makes bets on which number the ball w land on. Eventually the wheel stops, and a ball lands randomly on one of the 38 numbers, with an equal probability for each one. A statistics professor's father bets that the wheel wil land on one of the numbers from 1 to...
When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 13 or to bet $20 that the outcome is any one of the three possibilities 00 comma 0 comma or 1. The gambler knows that the expected value of the $20 bet for a single number is negative $ 1.05. For the $20 bet that the outcome is 00 comma 0 comma or 1, there is a probability of StartFraction 3...
A Las Vegas roulette wheel has 38 different numerical values. If an individual bets on one number and wins, the payoff is 35 to 1 a. Show a payoff table for a $10 bet on one number for decision alternatives of bet and 8. do not bet. b. What is the recommended decision using the expected value approach? c. Do the Las Vegas casinos want risk-taking or risk-avoiding customers? Explain d. What range of utility values would a decision maker...
Several psychology students are unprepared for a surprise trueMalse test with 17 questions, and all of their answers are quesses a. Find the mean and standard deviation for the number of correct answers for such students. b. Would il be unusual for a student to pass by guessing (which requires geting at least 14 correct answers)? Why or why not? (Do not round) a. (Round to one decimal place as needed.) b. Choose the correct answer below O A. No....