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20101ee131A_1_hwk-3-ee131-A-10

20101ee131A_1_hwk-3-ee131-A-10 - Homework 3 Problem 1 A...

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Unformatted text preview: Homework 3 Problem 1: A game popular in Nevada gambling casinos is Keno, which is played as follows: Twenty numbers are selected at random by the casino from the set of numbers 1 through 80. A player can select anywhere from 1 to 15 numbers from 1 through 80 as well. (a) If the player picks one number, then what is the probability of getting a match with any of the 20 numbers picked by the house? The player loses her bet if there is no match and wins if there is a match. How much should the winning be for each dollar of bet, so that on the average the player does not lose any money? (b) When the player selects 2 numbers, she gets $12 for every $1 she bets if both the numbers are among the 20 chosen by the casino; she loses her bet if only one or none of her numbers matches the house numbers. Is this winning amount fair for the player? That is, if she plays many times will she lose or gain?...
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