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QUESTION
Sue Wei wants to play roulette at Howang Ho Casino for the thrill of playing. Her strategy is to place $2 bets on red. If the outcome is red, she...
Sue Wei wants to play roulette at Howang Ho Casino for the thrill of playing. Her strategy is to place $2 bets on red. If the outcome is red, she gets in return $3.55 for the $2 bet. She has $40 in-hand and will quit when she no longer is able to place a bet. The roulette wheel that Sue Wei likes to play has 18/38 chance of landing on red, 18/38 chance of landing on black and 2/38 chance of landing on green.
- Use simulation to determine (interactively) the number of spins it will take before Sue Wei will stop playing roulette. Hint: =MATCH(,,) function may be used here.
- (b) Conduct 100 simulation runs and determine a 90% confidence interval for the average number of plays based on these 100 simulations. Confidence interval must be interactive.
