Page 1 of 1
answer the following question and show work as to how you got
your answer
Posted: Sun Oct 03, 2021 3:29 pm
by answerhappygod
- Answer The Following Question And Show Work As To How You Got Your Answer 1 (76.91 KiB) Viewed 130 times
1. In the game of "craps" two dice are thrown and the outcome of a bet is based on the sum of the two dice. If you bet $1 that the sum is "seven" then you win $4 or lose your dollar. The probability that you win is 6/36=1/6, and P(loss) = 5/6. Find a rough range for a) 100 plays, (b) 10,000 plays. You must show your calculations when you compute the SD of the box! [Hint: There are four steps in solving this problem. 1. You must first find the box model, the simplest model has six tickets in the box with some of the tickets +4 and others -1. You must determine how many of each of those two numbers are in the box. 2. Next find the Average of the box and the SD of the box, use "n" not "(n-1)" to compute the SD. 3. Third compute Expected(Winnings)=m-AveOfBox and SD(Winnings)=vm SDofBox, where m is the number of plays. 4. Finally the Rough Range is Expected(Win):SD(Win).]