2004_quiz_1 - The University of New South Wales 26 august...

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The University of New South Wales 26 august 2004 ACTl 1001 actuarial studies and commerce quiz one ALL ANSWERS MUST BE WRITTEN IN INK. EXCEPT WHERE THEY ARE EXPRESSLY REQUIRED, PENCILS MAY BE USED ONLY FOR DRAWING, SKETCHING OR GRAPHICAL WORK. &7.& CANDIDATES MAY BRING THEIR OWN CALCULATORS OR HAND HELD COMPUTERS &
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Question 1 [10 marks] Why is Abraham de Moivre (1667–1754) one of our actuarial heroes of yesteryear? Question 2 [30 marks] A table is divided into six squares numbered 1 to 6. A player places a coin on a certain square. Three dice are thrown. If the number thus backed appears once, twice, or three times, the player receives back his own coin together with one, two or three others respectively of the same value. In any other event he loses his stake. Does the advantage in the long run lie with the player or the “banker”? Give analytic support for your answer.
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This note was uploaded on 08/23/2010 for the course ACTL 1001 taught by Professor Bernartwong during the Three '10 term at University of New South Wales.

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2004_quiz_1 - The University of New South Wales 26 august...

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