Simulate a roulette wheel in Excel. A ball can land in 38 slots: 18 are colored Red and 18 are colored BLACK. The other two are labeled “0” and “00” and are losers (that is American roulette; european roulette play solely has a “0”). Pretend that you’re planning to go to Atlantic City over Spring Break. You have saved up all semester and have $20.00 to bet. Suppose that you are not an experienced gambler and plan on just betting on just BLACK. Each guess prices you $4.00. For those who win, you get back the $4.00 you wager, plus $4.00 extra. If you lose, you lose the $4.00. Since the odds are within the house’s favor, you’ll ultimately lose the $20.00. a) What number of plays are you able to expect to get earlier than going bankrupt? b) What’s common most that you just win earlier than you go bankrupt? Don’t forget Confidence Intervals on your estimates.
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