4. You are playing a game by drawing a card from a standard deck and replacingit. If the card is a face card, you win $30. If it is not a face card, you pay $2.There are 12 face cards in a deck of 52 cards.a. What is the expected value of playing the game?b. Should you play the game?

The total number of cards in a standard deck of cards is 52.The number of face cards is 12,

Answered: 4. You are playing a game by drawing a…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A friend proposes a gamble to you. You roll 2 fair, six-sided dice, and add up the results of each die to find your total number. If your roll totals a 6 or 8, your friend pays you $30. If you roll any other total, you pay your friend $10. What is your expected payoff from playing this game 100 times?.
In the USA, roulette wheels have 38 slots. They are the numbers 1 through 36, 0, and 00. Half of the numbers 1 through 36 are red, and the other half are black, so there are 18 red numbers and 18 black numbers. The numbers 0 and 00 are green. If you bet $5 on red, you win $5 if the ball lands on a red number. Otherwise, you lose your $5. In class we found your expected value from this bet was $-.26. However, if you play in Atlantic City, they give you a break when betting on a single color like red and if the ball lands on 0 or 00 you only lose half your bet, or $2.50. If the ball lands on black you still lose your whole bet of $5.00. Find the expected value of betting $5 on red in Atlantic City.
An adventurous aardvark is a card shark and gambler. He offered to let you play in a game with him. To play you must pay him $2. If you pick a spade you win $9 what is the expected value for you if you play this game with the aardvark?
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.
A bag contains 3 red marbles, 9 white marbles, and 15 blue marbles. You randomly select one marble from the bag. If it is red, you win $4. If it is white, you win $2. If it is blue, you lose $1. What is your expected value when playing this game? Round your answer to the nearest cent.
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.
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.)
An exclusive raffle is being held where only 7 tickets are available. The raffle is free to enter. If you choose to play, you could win $7 or lose $3. Three tickets are winning tickets and you will win $7 if your ticket is drawn. Four tickets are losing tickets where you must pay $3 if your ticket is drawn. What is the expected return if you enter the raffle?
A certain game involves tossing 3 fair coins, and it pays 13¢ for 3 heads, 6¢ for 2 heads, and 2¢ for 1 head. Is 6¢ a fair price to pay to play this game? That is, does the 6¢ cost to play make the game fair? The 6¢ cost to play is not a fair price to pay because the expected winnings are (Type an integer or a fraction. Simplify your answer.) c.

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4. You are playing a game by drawing a card from a standard deck and replacing it. If the card is a face card, you win $30. If it is not a face card, you pay $2. There are 12 face cards in a deck of 52 cards. a. What is the expected value of playing the game? b. Should you play the game?