Question

I am playing a gambling game. on each play, i have a 10% chance of winning $12, a 30% chance of breaking even (not winning or losing any money), and 60% chance of losing $5. i play this game 300 times.

write down the box model to represent this situation, including the values on the tickets, the number of repeats of each ticket, and how many draws we will make with replacement from the box.

Answer 1

30 tickets labeled "Win $12"

90 tickets labeled "Break even"

180 tickets labeled "Lose $5"

To represent this situation using a box model, we'll create a box with tickets that represent each possible outcome and their probabilities.

In this case, the outcomes are winning $12, breaking even, and losing $5.

Let's break it down:

Outcome 1: Winning $12 (10% probability)

Outcome 2: Breaking even (30% probability)

Outcome 3: Losing $5 (60% probability)

Now, we'll create a box model based on these outcomes and their probabilities:

Ticket 1: Win $12 (Frequency: 10% of 300 plays = 30 tickets)

Ticket 2: Break even (Frequency: 30% of 300 plays = 90 tickets)

Ticket 3: Lose $5 (Frequency: 60% of 300 plays = 180 tickets)