Please help me solve this. I would appreciate step-by-step examples. cheers! In the game of “craps” two dice are thrown
Posted: Mon Jul 11, 2022 11:50 am
Please help me solve this. I would appreciate step-by-stepexamples. cheers!
In the game of “craps” two dice are thrown and the outcome of abet is based on the sum of the two dice. If you bet $1 that the sumis “seven” then you win $4 or lose your dollar. The probabilitythat you win is 6/36=1/6, and P(loss) = 5/6. Find a rough range fora) 100 plays, (b) 10, 000 plays. c) Compare 100 plays of this crapsgame with the class examples of 100 plays of bet $1 on red, 100plays of bet $1 on “22” and 100 plays of Keno. Which game would youplay and why?
You must show your work when you compute the SD of the box!
[Hint: There are four steps in solving this problem. 1. You mustfirst find the box model, the simplest model has six tickets in thebox with some of the tickets +4 and others –1. You must determinehow many of each of those two numbers are in the box. 2. Next findthe 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·AveOfBoxand SD(Winnings)=√m·SDofBox, where m is the number of plays. 4.Finally the Rough Range is Expected(Win)±SD(Win).]
In the game of “craps” two dice are thrown and the outcome of abet is based on the sum of the two dice. If you bet $1 that the sumis “seven” then you win $4 or lose your dollar. The probabilitythat you win is 6/36=1/6, and P(loss) = 5/6. Find a rough range fora) 100 plays, (b) 10, 000 plays. c) Compare 100 plays of this crapsgame with the class examples of 100 plays of bet $1 on red, 100plays of bet $1 on “22” and 100 plays of Keno. Which game would youplay and why?
You must show your work when you compute the SD of the box!
[Hint: There are four steps in solving this problem. 1. You mustfirst find the box model, the simplest model has six tickets in thebox with some of the tickets +4 and others –1. You must determinehow many of each of those two numbers are in the box. 2. Next findthe 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·AveOfBoxand SD(Winnings)=√m·SDofBox, where m is the number of plays. 4.Finally the Rough Range is Expected(Win)±SD(Win).]