Mathematics, 21.04.2020 04:45 24jgrove
In Las Vegas $1 slot machines average a 95% payout; in other words, the expected value of a $1 bet is $0.95. Given that the machines’ outcomes are random, which of these is true?
A) A gambler who spends $100 will win $95 back.
B) If a gambler plays long enough, he’ll get all but 5% of his money back.
C) There is a 95% chance that a gambler will lose money.
D) In the long run, the casinos’ profits should be about 5% of what the gamblers bet. E) A gambler who has lost many times in a row is more likely to win on the next bet.
Answers: 2
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In Las Vegas $1 slot machines average a 95% payout; in other words, the expected value of a $1 bet i...
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