Quiz 4 Stat 21 - two options to choose from: i) You win 29...

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STAT 21 SP 09 QUIZ 4 NAME: ___________ SID: ___________ 1) A fair six-faced die is thrown repeatedly. a) Which of the following options is better? Or are they the same? Explain. i) The die is thrown 40 times, and you win a dollar if the number of times that 1 or 2 is shown on the die is less than 10; ii) The die is thrown 80 times, and you win a dollar if the number of times that 1 or 2 is shown on the die is less than 20. b) Which of the following options is better? Or are they the same? Explain. i)The die is thrown 60 times, and you win a dollar if the number of times that 1 or 2 is shown on the die is less than 25. ii) The die is thrown 120 times, and you win a dollar if the number of times that 1 or 2 is shown on the die is less than 45. 2. A pair of fair six-faced dice is thrown 60 times. On each time, you bet one dollar. There are
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Unformatted text preview: two options to choose from: i) You win 29 dollars if the sum of the two dice is 2, and lose one dollar otherwise; ii) You win 4 dollars if the sum of the two dice is 7, and lose one dollar otherwise; a) Which option has a higher expected net-gain? Or are they the same? b) Which option has a higher chance of coming out ahead (winning some money)? (Hint: compare standard errors. You dont need to actually find the chances.) 3. One hundred draws are made with replacement from the box | 1 3 0 -1 -2 |. Fill in the following blanks and show your work: The sum of the odd numbers drawn should be around , give or take or so. (Hint: 1, 3 and 1 are odd, 0 and -2 are even.)...
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