(a) For a perfect wheel, the probability of getting a single number on a spin is
ID: 2948813 • Letter: #
Question
(a) For a perfect wheel, the probability of getting a single number on a spin is 0.02703. You can use the binomial distribution to calculate the probability of winning a 37 specific number of times out of 36 rounds. For example, the probability of winning two times out of 36 rounds is 0.1813. Use this example to verify that your software is working correctly. Fill in the remaining blanks in the table for the balanced wheel column. (Round your answers to four decimal places.) X, the Number of Winning Rounds Net Profit from X Wins Probability of X Wins with Balanced Wheel -$36 $0 $36 $%72 3729 3729 0.1813 0571 36 $1,260 3.505 x 10-57 (b) Using the table, calculate the probability of losing money or just breaking even for the balanced roulette wheel. (You will need to add together two rows of the table above. Round your answer to four decimal places.) 3729 (c) You know that all the probabilities have to add up to 1. Use the probability calculated in part (b) to calculate the probability of walking away with a net profit (better than break-even). (Round your answer to four decimal places.)Explanation / Answer
b)the required probability is sum of the 1st two rows 0.3729+0.3729=0.7458
c)1-0.7458=0.2542
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