# Question: casino games of pure chance eg craps roulette baccarat and...

###### Question details

Casino games of pure chance (e.g., craps, roulette, baccarat, and keno) always yield a "house advantage." For example, in the game of double-zero roulette, the expected casino win percentage is5.37% on bets made on whether the outcome will be either black or red. (This implies that for every $5 bet on black or red, the casino will earn a net of about 37 cents.) It can be shown that in 100 roulette plays on black/red, the average casino win percentage is normally distributed with mean 5.37% and standard deviation 10%. Let x represent the average casino win percentage after 100 bets on black/red in double-zero roulette. Complete parts a through d.

a. Find P(xgreater than>0). (This is the probability that the casino wins money.)

P(xgreater than>0)=_____________(Round to three decimal places as needed.)b. Find

b. P(5 less than<xless than<16).

P(5 less than<xless than<16)=_______(Round to three decimal places as needed.)

c. Find P(x less than <1).P(x less than<11)=__________(Round to three decimal places as needed.)

d. If you observed an average casino win percentage of −23% after 100 roulette bets on black/red, what would you conclude?

A.The probability of an average casino win percentage of −23% is very small, near 0. The casino is winning money.

B.The probability of an average casino win percentage of −23% is very small, near 0. The casino is losing money.

C.The probability of an average casino win percentage of −23% is very large, near 1. The casino is winning money.

D.The probability of an average casino win percentage of −23% is very large, near 1. The casino is losing money.