Answer
See below.
Work Step by Step
According to The Law of Large Numbers, on average Joe will lose $40$ cents every time he bets one dollar.
The Basic Practice of Statistics 7th Edition
by Moore, David S.; Notz, William I.; Fligner, Michael A.
Published by
W. H. Freeman
ISBN 10:
146414253X
ISBN 13:
978-1-46414-253-6
Chapter 15 - Sampling Distributions - Chapter 15 Exercises - Page 370: 15.39
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