If you play roulettes and bet on 'red' the probability that you win is 18/38 = .4737. People often repeat this between several times. We can consider each time we play a 'trial' and consider it a success when we win, so p = 18/38 or (.4737) and q = 20/38   or (.5263). Suppose that Caryl always places the same bet when she plays roulette, $5 on 'red'. Caryl might play just once, or might play several times. She has a profit (having won $5 more times than she lost $5) if she wins more than half of the games she plays.   -when you play 401 times, p is the proportion of those 401 games that you win. You'll profit (winning more than you lose) if you win more than half of your bets p > .5000.     c) what is the mean or expected value of p? d) what is the standard deviation of p? e) assume that the distribution of p is Normal and find the probability that Caryl will have a profit if she plays 401 times. show your work or calculator input and round your answer to four decimal places

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If you play roulettes and bet on 'red' the probability that you win is 18/38 = .4737. People often repeat this between several times. We can consider each time we play a 'trial' and consider it a success when we win, so p = 18/38 or (.4737) and q = 20/38   or (.5263).

Suppose that Caryl always places the same bet when she plays roulette, $5 on 'red'. Caryl might play just once, or might play several times. She has a profit (having won $5 more times than she lost $5) if she wins more than half of the games she plays.

 

-when you play 401 times, p is the proportion of those 401 games that you win. You'll profit (winning more than you lose) if you win more than half of your bets p > .5000.

 

 

c) what is the mean or expected value of p?

d) what is the standard deviation of p?

e) assume that the distribution of p is Normal and find the probability that Caryl will have a profit if she plays 401 times. show your work or calculator input and round your answer to four decimal places

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