The Basic Practice of Statistics 7th Edition

Published by W. H. Freeman
ISBN 10: 146414253X
ISBN 13: 978-1-46414-253-6

Chapter 15 - Sampling Distributions - Chapter 15 Exercises - Page 370: 15.39

Answer

See below.

Work Step by Step

According to The Law of Large Numbers, on average Joe will lose $40$ cents every time he bets one dollar.
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