The game of Chuck-a-Luck is played as follows: You pick a number between 1 and 6 and toss three dice. If your number does not appear, you lose $1. If your number appears x times, you win $x. On the average, use simulation to find the average amount of money you will win or lose on each play of the game.
Answer to relevant QuestionsThe file S02_01.xlsx indicates the gender and nationality of the MBA incoming class in two successive years at the Kelley School of Business at Indiana University. a. For each year, create tables of counts of gender and of ...A martingale betting strategy works as follows. You begin with a certain amount of money and repeatedly play a game in which you have a 40% chance of winning any bet. In the first game, you bet $1. From then on, every time ...You now have $3000. You will toss a fair coin four times. Before each toss you can bet any amount of your money (including none) on the outcome of the toss. If heads comes up, you win the amount you bet. If tails comes up, ...Appliances Unlimited (AU) sells refrigerators. Any refrigerator that fails before it is three years old is replaced for free. Of all refrigerators, 3% fail during their first year of operation; 5% of all one-year-old ...Play Things is developing a new Hannah Montana doll. The company has made the following assumptions:• The doll will sell for a random number of years from 1 to 10. Each of these 10 possibilities is equally likely. • At ...
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