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 369: 15.27

Answer

According to the law of large numbers, on average the gambler loses $0.053 per bet, if the gambler makes very many bets (another reason why gambling is not good).

Work Step by Step

According to the law of large numbers, on average the gambler loses $0.053 per bet, if the gambler makes very many bets (another reason why gambling is not good).
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.

GradeSaver will pay $15 for your literature essays
GradeSaver will pay $25 for your college application essays
GradeSaver will pay $50 for your graduate school essays – Law, Business, or Medical
GradeSaver will pay $10 for your Community Note contributions
GradeSaver will pay $500 for your Textbook Answer contributions