Question

In: Statistics and Probability

At Spring Break, you decide to take what you have learned in Business Statistics and apply...

At Spring Break, you decide to take what you have learned in Business Statistics and apply it in Las Vegas. You hit the roulette table and you bet on red each time. The probability of winning is approximately 0.47. You bet on red 5 times. Calculate the probability of losing at least 2 times. (Use Binomial Distribution)

Solutions

Expert Solution

Solution:

Given:

Probability of winning = 0.47

Probability of losing = 1 - Probability of winning = 1 - 0.47 = 0.53

thus p = 0.53

n = Number of times bet on red = 5

x = Number of times losing on bet, that is not getting red.

Thus x follows a Binomial distribution with parameters n = 5 and p = 0.53

Binomial probability formula :

Where

We have to find:

P( Losing at least 2 times) = ...........?

thus

and

Thus

orchestra answered 1 year ago

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