Question

When playing roulette, if you bet $1 on a single number the expected value of how...

When playing roulette, if you bet $1 on a single number the expected value of how much you win is −0.053, with a standard deviation of 5.76. Build the 99% confidence interval for the average of how much you will win/lose per play if you bet $1 on a single number 700 times.

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Answer #1

The provided mean is  = −0.053 and the standard deviation is σ=5.76.

The size of the sample is n = 700 and the required confidence level is 99%.

Based on the provided information, the critical z-value for α=0.01 is z_c = 2.576

.

The 99% confidence for the mean μ is computed using the following expression

Therefore, based on the information provided, the 99 % confidence for the population mean μ is

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