5. Assume if you play a game of chance, you will have a 30% chance of winning, a 10%chance of breaking even, and a 60% chance of losing. If these odds remain the same forevery instance of the game, and you play 20 times, are you able to find the probability ofwinning 8 times using a binomial experiment? Explain, and if possible, solve.

There is 30% chance of winning the game, 10% chance of breaking even and 60% chance of losing the…

Answered: 5. Assume if you play a game of chance,…

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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You have entered an axe-throwing competition. To enter the competition, you must pay a flat fee of $20. Each contestant is allotted eight throws. You left your glasses at home and thus are facing greater odds than would normally be expected from a talented athlete such as yourself. Hitting the target in the center wins you $5. You have a 1/8 probability of hitting the center Hitting the target in the second ring wins you $3. you have a 2/8 probability of hitting the second ring Hitting the target in the third ring wins you $1. You have a 4/8 probability of hitting the third ring Missing the target wins you $0. you have a 1/8 probability of missing the target. Each throw is considered an event, so the following equation tells us the expected outcome per throw, which can be multiplied by 8 for the total expected outcome of the game. E=-2.5(8/8)+5(1/8)+3(2/8)+1(4/8)+0(1/8) E=-2.5+(5/8)+(3/4)+(1/2)+0 E=(-5/8) E=-0.625 8E=-5 2. The expected value of the game is -$5 3. This is not…
You are on a TV show. You have been asked to either play a dice game four times or accept a $50 bill. Thedice game works like this:If you roll a 1, 2, you lose $30. If you roll a 3, 4 or 5, you win $100. If you roll a 6, you lose $50.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 four games is $__________.
Q3: A professor grades homework by randomly choosing 6 out of 12 homework problems to grade. (a) How many different groups of 6 problems are there from the 12 problems? (b) Dana did only 6problems of one assignment. What is the probability that the problems she did comprised the group that was selected to be graded.
A game-show spinner has these odds of stopping on particular dollar values: 55% for $5, 20% for $50, 15% for $500, and 10% for $1000. What are the odds of a player winning $500 or $1000?
Use this spinner game to answer questions 1 - 3. It costs $10 to play this game. The pointer is on blue. Probability Pay out Amount +1 $0 $8 $5 $15 $20 $18 Number of sectors: 6 Blue 20.00% -1 Pink 15.00% Number of spins: 1 Gray 30.00% Orange 10.00% Number of spins so far: 0 Green 12.00% Red 13.00% What would the owners expected profit or loss be from this game? Give your answer with a dollar sign and include a negative sign out front if needed. Do not round.
In the game show “Deal or no Deal?”, a contestant must first choose 5 boxes out of 22 to be opened. Each box contains a different amount of money. Once a box has been opened, its contents can no longer be won. For each question, explain your reasoning carefully: (a) What is the probability that the contestant chooses the most valuable box? (b) What is the probability that the contestant chooses at least one of the top 5 most valuable boxes
Roulette: You bet on numbers 1-18. What's the likelihood of winning after one trial? Explain your answer.
What would the owners expected profit or loss be from this game? Give your answer with a dollar sign and include a negative sign out front if needed. Do not round.
A test has three parts. Part A consists of seven true-false questions, part B consists of three multiple-choice questions with five choices each, and part C requires you to match three questions with three different answers one-to-one. Assuming that you make random guesses in filling out your answer sheet, what is the probability that you will earn 100% on the test? (Leave your answer as a formula.) P(E) O P(E) O P(E) = P(E) = P(E) = = = 1 7² x 5³ x 3! 1 27 x 5³ x 3! 1 3² x 53 1 2³ x 35 x 7! x 7! 1 23 x 75 x 3!
Suppose it costs $29 to roll a pair of dice. You get paid 4 dollars times the sum of the numbers that appear on the dice. What is the expected payoff of the game? Is it a fair game? The expected payoff of the game is $? is it a fair game?

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