3. If you charge $5 to play a game of chance and the expected value is $0, then what is the fair price? 14. If you charge $3 to play a game of chance and the expected value is - $2, then what is the fair price? 15. Find the expected value. Show your work. Liliana has created a new game. You roll a 6-sided die. If the die lands on an even number, you win the number of points on the die. If the die lands on an odd number, you lose the number of points on the die.

3. If you charge $5 to play a game of chance and the expected value is $0, then what is the fair price? 14. If you charge $3 to play a game of chance and the expected value is - $2, then what is the fair price? 15. Find the expected value. Show your work. Liliana has created a new game. You roll a 6-sided die. If the die lands on an even number, you win the number of points on the die. If the die lands on an odd number, you lose the number of points on the die.

Name: 13. If you charge $5 to play a game of chance and the expected value i
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Description: 13. If you charge $5 to play a game of chance and the expected value is $0, then what is the fair price? 14. If you charge $3 to play a game of chance and the expected value is - $2, then what is the fair price?15. Find the expected value. Show yo

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Charlie buys a one-year term home insurance policy for $p, that will pay $200,000 in the event of a major catastrophe and $35,000 in the event of a minor catastrophe. Charlie's home has a 0.2% chance of a major catastrophe and a 0.7% of a minor catastrophe during the one year term. What did the insurance company charge Charlie for this policy if the company expected to break even?
You draw a card from a deck of 52 cards. If the card is a spade, you win $5, but if the card is not a spade you lose $2.What is your expected earning from this game?
You are on a TV show. You have been asked to either play a dice game five times or accept a $120 bill. The dice game works like this: If you roll a 1 or 5, you win $50. If you roll a 4, you win $150. If you roll a 2, 3 or 6, you lose $30. Should you play the game? Answer yes or no. __________ Use expected values and decision theory to justify your answer. Please round the answer to two decimal places. Expected value of five games is $__________
There is a game of chance called "Lightning Dice" at a charity carnival. It costs $2 to play. The player then rolls 4 dice. If the player rolls 3 or more sixes, then the player wins $30. Otherwise, the player wins nothing. How much can you expect to gain or lose if you play this game 68 times?
Roulette: You bet on numbers 1-18. What's the likelihood of winning after one trial? Explain your answer.
Activity #4: PROBABILITY Read and analyze the problems, show your solution, and box the answer. 1. What would be the probability of a. picking a black card at random from a standard deck of 52 cards? b. picking a face card (i.e. a king, queen, or jack)? c. not picking a face card? 2. What is the probability of rolling, on a fair dice: a. a 3? b. an even number? c. zero? d. a number greater than 4? e. a number lying between 0 and 72 f. a multiple of 3 given that an even number was drawn? 3. A standard deck of playing cards is well shuffled and from it, you are given two cards. You can have 0, 1, or 2 aces: three possibilities altogether. So, the probability that you have two aces is equal to 1/3. What is flawed about this argument? 4. You shuffle a deck of playing card, and then start turning the cards one at a time. The first one is black. The second one is also a black card. So is the third, and this happens up to the 10th card. You start thinking, "the next one will likely be red!"…
Your friend convinces you to play a game where you roll a standard die one time. It costs $5 to play the game. If you roll a 3 or a 4 you win $9. Any other roll wins nothing. 4. Find the expected value of this game.
Chandler offers you the opportunity to play his $2 game where he shuffles four cards and you must pick the correct one. What is the expected profit per person if the prize is a $1.25 coke for the game?Single line text.
The candy wheel at the boardwalk gives away an $ 8 box of candy to a person who successfully guesses the correct location from the 32 possible spaces. If the wheel cost $2 to play , what is the expected value of the candy wheel at the boardwalk? Describe what the answer is telling you about the boardwalk game.
You toss a coin three times. If you toss heads exactly two times, you win $2. If you toss heads all three times, you win $8. Otherwise, you lose $3. What is the expected payout for one round of this game? Round your answer to the nearest cent. Enter an expected loss as a negative number.
2. You play a game in which 40% of the time you win $3 and 40% of the time you lose $5 and 20% of the time you win $1. Please show your work.
A certain game involves tossing 3 fair coins, and it pays 11¢ for 3 heads, 7¢ for 2 heads, and 4e for 1 head. Is 7¢a fair price to pay to play this game? That is, does the 7¢ cost to play make the game fair? .... The 7¢ cost to play a fair price to pay because the expected winnings are (Type an integer or a fraction. Simplify your answer.)