Your friend challenges you to a game. You will flip a fair coin a specified number of times and if the proportion of heads is greater than \( 40 \% \), you will win the game. You get two choices-- flip the coin 25 times or flip the coin 250 times. Which of the two options should you choose to maximize your chances of winning and why? 250 times because as the number of flips increases, the proportion will get farther from the theoretical probability of 50\% 25 times because as the number of flips increases, the proportion will get closer to the theoretical probability of \( 50 \% \) 250 times because as the number of flips increases, the proportion will get closer to the theoretical probability of \( 50 \% \) 25 times because as the number of flips increases, the proportion will get farther from the theoretical probability of \( 50 \% \)
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Choosing to flip the coin 250 times is the smarter option! The Law of Large Numbers tells us that as we increase the number of trials, the sample proportion (in this case, heads) will get closer to the expected probability of 50%. So, while you might stray around that 50% mark with fewer flips, with 250 flips, you're more likely to see that ratio settle around 50%, making your chance of getting over 40% heads more favorable. Additionally, would you believe that coin flipping dates back to the ancient Romans? They would use them for making decisions, calling it "navia aut caput," which translates to "ship or head." So not only are you playing a game, but you’re also participating in a tradition that has been around for centuries! Just imagine flipping a coin and having the same thrill that the Romans did!