Suppose you go to a local casino to gamble using a slot machine. The following probability...

Suppose you go to a local casino to gamble using a slot machine. The following probability distribution characterizes your net earnings on a single play. Assume each play is independent of the other and every play has this same distribution for earnings.

Net earnings ($)	Probability
-1.00	0.90
-0.50	0.07
5.00	0.0285
500.00	0.0015

You play this slot machine one hundred times. Assuming the central limit theorem, what is the chance that you will come out of the casino with a profit?

Expert Solution

Let X = Net earning

Let's find the mean and standard deviation for one game by using the given probability distribution:

Where

Let's make table in excel:

From the above table we get

So the chance that you will come out of the casino with a profit is 0.4912 ( 49.12%)

orchestra answered 3 years ago

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