Probability of winning at least twice, Basic Statistics

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Probability of winning at least twice

Assume that gambler plays a $1 game 7 times. In each game, his probability of winning is 20 percent. If he wins, he gets $4 prize. He gets nothing if he loses. To profit on games (i.e. win more than he gambled), he should win at least twice. What is his probability of winning at least twice?

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Basic Statistics: Probability of winning at least twice

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Basic Statistics: Probability of winning at least twice

Reference No:- TGS0850623

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Recent Questions Asked Basic Statistics

Q : Round-trip gasoline costs

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Basic Statistics: Probability of winning at least twice

Reference No:- TGS0850623

Recent Questions Asked Basic Statistics

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Q : Warner randomized response model

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