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.
3A Find the expected number of times you win.
3B Find the SE of the number of times you win.
3C Find the chance that you lose more than $50 (that is, your net gain in the 600 bets is less than -$50).
a) 0.342
b) 0.231
c) 0.625
honor code
a) 100
1/6*600=100
b) 9.1287
sqrt(n*p*(1-p))
sqrt(600*1/6*(5/6))=9.1287
a) 0.342
b) 0.231
c) 0.625
all are wrong!
a) 100
b) 9.1287
Correct! Thank you very much L13!
-50=4X-(600-X)
600-50=550=5X
X=110
So, 86.33394%