A roulette wheel in Las Vegas has 38 slots. If you bet a dollar on a particular number, you'll win $35
if the ball ends up in that slot and $0 otherwise. Roulette wheels are calibrated so that each outcome
is equally likely.
(a) Let X denote your winnings when you play once. State the probability distribution of X. (It has a mean of 0.921 and a standard deviation of 5.603.)
(b) You decide to play once a minute for 12 hours a day for the next week, a total of 5,040 times. Find the mean and standard error of the sampling distribution of distribution of your average winnings.
(c) Find the probability that with this amount of roulette playing, your mean winnings is at least $1, so that you have not lost money after this week of playing.

 

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a Let X denote your winnings when you play once The probability distribution of X can be described a... View the full answer