- A person is gambling.
- Person has an equal chance to roll on 1 through 50.
- Each roll equals the amount they get (rolling a 45 will get you 45 dollars).
I have no trouble figuring out the average. But I'm having difficulty finding out how many times the person needs to roll in order to "reach" this average or higher.
The actual question is: What are the number of times they must roll to reach a 70%, 80%, and 90% confidence level average?
The average is (1+2+...+49+50)/50 = (n+1)/2 = 25.5 -- I figured, if they roll once they have a 1 in 50 chance of hitting the average. And if they roll twice they have a 1 in 50 chance of hitting average twice?? So 2 in 50? But doing this 50 times does not "guarantee" getting the average. So I'm obviously missing some serious error here.
It's about figuring out how much money is required to hit the "average" amount.