A blackjack player at a Las Vegas casino learned that the house will provide a freeroom if play is for four hours at an average bet of $50. The player’s strategy provides aprobability of .49 of winning on any one hand, and the player knows that there are60 hands per hour. Suppose the player plays for four hours at a bet of $50 per hand.a. what is the player’s expected payoff?b. what is the probability the player loses $1000 or more?c. what is the probability the player wins?d. Suppose the player starts with $1500. what is the probability of going broke?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A blackjack player at a Las Vegas casino learned that the house will provide a free
room if play is for four hours at an average bet of $50. The player’s strategy provides a
probability of .49 of winning on any one hand, and the player knows that there are
60 hands per hour. Suppose the player plays for four hours at a bet of $50 per hand.
a. what is the player’s expected payoff?
b. what is the probability the player loses $1000 or more?
c. what is the probability the player wins?
d. Suppose the player starts with $1500. what is the probability of going broke?
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