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The game of European roulette involves spinning a wheel

OpenIntro Statistics | 3rd Edition | ISBN: 9781943450039 | Authors: David M Diez; Christopher D Barr; Mine Çetinkaya-Rundel ISBN: 9781943450039 86

Solution for problem 2.40 Chapter 2

OpenIntro Statistics | 3rd Edition

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OpenIntro Statistics | 3rd Edition | ISBN: 9781943450039 | Authors: David M Diez; Christopher D Barr; Mine Çetinkaya-Rundel

OpenIntro Statistics | 3rd Edition

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Problem 2.40

The game of European roulette involves spinning a wheel with 37 slots: 18 red, 18 black, and 1 green. A ball is spun onto the wheel and will eventually land in a slot, where each slot has an equal chance of capturing the ball. Gamblers can place bets on red or black. If the ball lands on their color, they double their money. If it lands on another color, they lose their money. (a) Suppose you play roulette and bet $3 on a single round. What is the expected value and standard deviation of your total winnings? (b) Suppose you bet $1 in three dierent rounds. What is the expected value and standard deviation of your total winnings? (c) How do your answers to parts (a) and (b) compare? What does this say about the riskiness of the two games?

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Statistics 260, 11/27 Class Announcements ● Assignment 8 due Wednesday! (only five questions) The book will work you through these problems if you are having trouble with what we did on monday ● Assignment 9 is due midnight on the 12th! (a long assignment, 16 questions, is worth 20 points) we should know everything we need to do this assignment by the end of the week. Since it is right near the final, there is unlimited check my work. ● Exam here is going to be more conceptual. He will give us important data points and we need to interpret that data. You won't need to calculate the regression. ● A week from friday will be a review day. He will also go over the comprehensive final exam option. We need to let him now dead week if

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Chapter 2, Problem 2.40 is Solved
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Textbook: OpenIntro Statistics
Edition: 3
Author: David M Diez; Christopher D Barr; Mine Çetinkaya-Rundel
ISBN: 9781943450039

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The game of European roulette involves spinning a wheel