The expected payoff of casino roulette wheels is $0.0526 per dollar of bet. Its standard deviation...
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The expected payoff of casino roulette wheels is $0.0526 per dollar of bet. Its standard deviation is $5.76. Suppose 3 million similar independent bets are placed throughout the casino in a typical month. (a) What is the 95% confidence interval for the forecasted monthly profit of the casino? (4 points) (b) If the bets are not independent, would the confidence interval be wider or narrower? Explain briefly The expected payoff of casino roulette wheels is $0.0526 per dollar of bet. Its standard deviation is $5.76. Suppose 3 million similar independent bets are placed throughout the casino in a typical month. (a) What is the 95% confidence interval for the forecasted monthly profit of the casino? (4 points) (b) If the bets are not independent, would the confidence interval be wider or narrower? Explain briefly
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