MATH106 needs help

Posted on 2014-03-18 09:29:00 in Math by

Please help me ! I'm in MATH106 - Quantitative Math for Business and I don't even understand what the homework is asking. I might need to drop the course because my grade is currently 46% . . .



Your friend and you play the following game. You toss a coin 10 times. If there is no run of 3 or more straight heads or tails in the 10 outcomes, your friend pays you $2. If there is a run of 3 or more, then you pay your friend $1.



Simulate 100 plays of this game to estimate the mean outcome. Each play has only 2 possible outcomes: -1 (representing a loss of $1) and 2 (representing a gain of $2).



For this exercise, you need not predict the result of the experiment. Just set up the Excel spreadsheet to simulate the game and verify that the mean outcome is about -0.46 (representing a mean loss of 46 cents).

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