Find the mean and standard deviation of your winnings

Assignment Help Basic Statistics

Reference no: EM131166268

Suppose Michigan is favored by 17.5 points over Indiana.

If you bet a "unit" on Indiana and Indiana loses by 17 or less, you win $10. If Indiana loses by 18 or more points, you lose $11. Find the mean and standard deviation of your winnings on a single bet.

Assume that there is a 0.5 probability that you will win your bet and a 0.5 probability that you will lose your bet. Also simulate 1600 "bets" to estimate the average loss per bet.

(Note: Do not be too disappointed if you are off by up to 50 cents. It takes many, say 10,000, simulated bets to get a really good estimate of the mean loss per bet. This is because there is a lot of variability on each bet.)

Reference no: EM131166268

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