Someone is placing a certain bet where he pays $3 per play. If he wins, he receives $15, and if he loses he loses he loses the $3. He has a 1 in 9 chance of winning.
a) Set up the box model, find the average and SD of the box.
b) If he plays 25 times, find his expected winning (or loss) and the standard error.

Answer rating: 100% (QA)

a Winning 15 3 ie loss Probability 19 89 Average Expected v... View the full answer