Create a simulation similar to the one in the Wheel of Fortune Similation.xlsx file. However, suppose that the outcome of each spin is no longer uniformly distributed between $0 and $1000. Instead, it is the number of 7s you get in 20 rolls of two dice. In other words, each spin results in a binomially distributed random number with parameters n = 20 and p = 1/6 (because the chance of rolling a 7 is 1 out of 6). The simulation should still allow you to vary the number of “spins” from 1 to 10, and the “winnings” is still the average of the outcomes of the spins. What is fundamentally different from the simulation in the text? Does the central limit theorem still work? Explain from the results you obtain.

  • CreatedApril 01, 2015
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