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Mathematics, 21.04.2020 15:50 11232003
Suppose you play a simplified game of roulette with only five slots on the wheel. If you bet on a single space, you have a 1 in 5 chance of winning on any given spin, and each spin is independent of the others. A single space pays 3 to 1. That means if you risk $1 on a spin, then after one spin you either net gain $3 (if you win the spin) or lose the $1 (if you lose the spin). You will bet $1 on a single space for 30 spins. What is the standard error of your net gain, in dollars, after 30 spins? (Round to the nearest cent.)
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Suppose you play a simplified game of roulette with only five slots on the wheel. If you bet on a si...
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