In the game of "craps" two dice are thrown and the outcome of a bet is based on the sum of the two dice. If you bet $1 that the sum is "seven" then you win $4 or lose your dollar. The probability that you win is 6/36=1/6, and P(loss) = 5/6. Find a rough range for a) 200 plays, (b) 20, 000 plays.
You must show your work when you compute the SD of the box!
[Hint: you must find the box model, the simplest model has six tickets in the box with some of the tickets +4 and others -1. You must determine how many of each of those two numbers are in the box. You must also find the average and SD of the box, use "n" not "(n-1)" to compute the SD.]