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Blackjack is a casino gambling game where you bet once and then play a round of the game. Your Blackjack strategy (which you use every round) leads to the following distribution of outcomes for a single round when you bet $B: x (outcome) -$B $0 $B $1.5B P(x) 0.475 0.25 0.075 0.2 You lose the $B you bet with probability 0.475, you keep your $B (for a net gain of $0) with probability 0.25, etc. Assume that you bet $1 every round. Use the central limit theorem/normal approximation to approximate the probability that you lose money (in aggregate) over the course of 100 hands of blackjack. Round your calculation of o² to the nearest tenth. Blackjack is a casino gambling game where you bet once and then play a round of the game. Your Blackjack strategy (which you use every round) leads to the following distribution of outcomes for a single round when you bet $B: x (outcome) -$B $0 $B $1.5B P(x) 0.475 0.25 0.075 0.2 You lose the $B you bet with probability 0.475, you keep your $B (for a net gain of $0) with probability 0.25, etc. Assume that you bet $1 every round. Use the central limit theorem/normal approximation to approximate the probability that you lose money (in aggregate) over the course of 100 hands of blackjack. Round your calculation of o² to the nearest tenth.
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Related Book For
A First Course In Mathematical Modeling
ISBN: 9781285050904
5th Edition
Authors: Frank R. Giordano, William P. Fox, Steven B. Horton
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