# 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 is 5.29% 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 29 cents.) It can be shown that in 100 roulette plays on black/red, the average casino win percentage is normally distributed with mean 5.29% and standard deviation 11%. 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(x>0).(This is the probability that the casino wins money.)

P(x>0)=___________(Round to three decimal places as needed.)

b. Find P(44less than<xless than<15).

P(4<x<15)=______ (Round to three decimal places as needed.

)c. Find P(x<2).

P(x<22)=________(Round to three decimal places as needed.)

d. If you observed an average casino win percentage of 26%

after 100 roulette bets on black/red, what would you conclude?

A.The probability of an average casino win percentage of −26% is very small, near 0. The casino is losing money.

B.The probability of an average casino win percentage of −26% is very large, near 1. The casino is winning money.

C.The probability of an average casino win percentage of−26% is very large, near 1. The casino is losing money.

D.The probability of an average casino win percentage of minus−26% is very small, near 0. The casino is winning money.