5. In the "long run," what is the expected profit, or loss, per game if you pay $2 to play a game and receive $10 if you throw a "doubles" on a single throw of a pair of dice?
Q: An option to buy a stock is priced at $150. If the stock closes about 30 next Thursday, The option…
A: Solution:a.The valid probability table was created below:From the given information, the trader…
Q: In roulettem, if a player uses the doubling strategy starting with a $10 bet and is betting on red…
A: Given that, Odds are one-one
Q: a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round…
A: Solution: Note: Since its saying 'X' represents profit from smallest to largest, so i am considering…
Q: 13. Trips Logistics, a third-party logistics firm that provides warehousing and other logistics…
A: To evaluate the spot market option, we need to consider the potential outcomes for both demand and…
Q: Suppose you are invited to play a game in which you bet $1 on any number from 000 to 599. If your…
A: Given that there are numbers from 000 and 599. That is, there are 600 numbers. If your number comes…
Q: A raffle offers a first prize of $1000, 2 second prizes of$300 each, and 20 third prizes of $10…
A: Given: A raffle offers a first prize of $1000, 2-second prizes of $300 each, and 20 third prizes of…
Q: One option in a roulette game is to bet $16 on red. (There are 18 red compartments, 18 black…
A: Given Information: In a roulette game, one option is to bet $16 on red. If the ball lands on red,…
Q: 2. Janelle plays a game in which she chooses a card at random from a standard deck of 52 cards. If…
A:
Q: Problem. A player plays a coin-tossing game with a fair coin in a casino. The casino agrees to pay…
A: This problem has been discussed so many times in the history of statistics and probability. And…
Q: friend devises a game that is played by rolling a single six-sided die once. If you roll a 6, he…
A:
Q: . A game consists of rolling a colored die with three blue sides, two red sides, and one white…
A:
Q: 7. A lawyer considering taking a case figures that there is a 40% chance of winning the case in…
A: Winning considered as +ve (also bringing money) Lossing considered as -ve
Q: Conceptual Problems 1. Consider a game in which a coin will be flipped three times. For each of…
A: Note: Since we only answer up to 3 sub parts , we will answer the first 3. Please resubmit the…
Q: 12. Suppose that there is a $5 raffle with the following prizes: 1 first prize worth $1000, two…
A: Solution : Given that : There is a $5 raffle with the following prizes: 1 first prize worth…
Q: Imagine the two following situations. In both, you flip a coin two times. In the first, each time…
A: Whenever 2 favorable flips come $20 is won in the first game. While the 1 favorable and another…
Q: Pearl wants to try a dice game with a $2 entry fee. She rolls one die, and she gets $3 for any even…
A: The sample space of rolling a die is {1, 2, 3, 4, 5, 6}.
Q: 11. The following game costs $7 per roll: If you roll a standard six-sided die, you earn double the…
A: The outcomes of rolling a standard six-sided die are, {1, 2, 3, 4, 5, 6}.
Q: A raffle offers a first prize of $400 and 3 second prizes of $80 each. One ticket costs $2, and 600…
A: Given information- No. of ticket = 600 P(wining $400) = 1/600 P(wining $80) = 3/600 Cost of ticket =…
Q: uppose you play a game of chance where you roll a pair of dice. You pay a nonrefundable $2 to play…
A: If the number of pips on both dice is even, you win $6. Otherwise you win nothing
Q: You are playing a game: When you toss a die and get a 1 or 2, you pay $4 If you get 3, 4, 5, or 6,…
A:
Q: A game-show spinner has these odds of stopping on particular dollar values: 55% for $5, 20% for…
A: The odds of player wining $500 is 15% and the odds of player wining $1,000 is 10%.
Q: Jim likes to day-trade on the Internet. On a good day, he averages a $1400 gain. On a bad day, he…
A: On a good day, Jim averages a $1400 gain. On a bad day, Jim averages a $700 loss.Percentage of time…
Q: Suppose there are 6 red, 3 blue, and 7 green chips in a bag, and you win by selecting either a red…
A: Red chips =6 Blue chips=3 Green chips=7 Total Chips=16
Q: A raffle has a grand prize of a Caribbean cruise valued at $13,000 with a second prize of a Rocky…
A: 1) Given Information: A raffle has a grand prize of a Caribbean cruise valued at $13,000 with a…
Q: 1. Consider a game in which a coin will be flipped three times. For each occurrence of. heads, you…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: A certain game involves tossing 3 fair coins, and it pays 23¢ for 3 heads, 10¢ for 2 heads, and 2¢…
A:
Q: One option in a roulette game is to bet $21 on red. (There are 18 red compartments, 18 black…
A: From the given information ,Total number of compartments = 18 + 18 + 2 = 38Using formula,
Q: A person is trying to decide if he or she should buy a lottery ticket. The ticket costs $2.00. If…
A: Given, Probability of winning = 0.001 Losing = 2 winning = 1000
Q: A bag contains 5 gold marbles, 9 silver marbles, and 21 black marbles. The rules of the game are as…
A: Given:Number of gold marbles=5Number of silver marbles=9Number of black marbles=21Total number of…
Q: carina is playing a game that costs $10 to play. what is the expected value of this game, taking…
A: Total expectation E(x)=$10 Costa of game to play=$10 Win=$10-$10=$0.
Q: The Gambler's Fallacy is the idea that past events can affect future behavior. The fallacy often…
A: We have to find chi-square test statistic Chi-square test statistic: χ2=∑(Oi-Ei)2EiWhere, O is…
Q: Find the expected value of the psychic's profit by filling in the boxes below with you answers. Use…
A: Reviewing information, PBoy=0.51P(Girl)=0.49Cost=$20If psychic is wrong, he has to pay back $20
Q: A magazine distributor offers a first prize of$100,000, two second prizes of $40,000 each, and two…
A: Let x represents the payback. The probability distribution is as follows, Ex=x·Px.…
Q: A and B play for a prize of $. 1,000. A is to throw a dice first and is to win if he throws 6. If he…
A: Probability is the total number of favourable cases of the occurrence of the event divided by the…
Q: because the expected value of the game (without considering the cost) is $ arest cent as needed.)
A:
Q: If you charge $3 to play a game of chance and the expected value is - $2, then what is the fair…
A: According to the given information, it is required to find the fair price of the game.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Consider the following game. You are to toss three fair coins. If three heads turn up, your friend pays you $40. Otherwise, you must pay him $5. What is your expected gain or loss? 0.525 a. 0.625 Ob. 0.875 C. Od. 1235 0.125 Oe.two fair coins. He wins $5 if 2 heads occur, $2 if Problem#6: A player tosses 1head occurs and $1 if no heads occur. (i) Find his expected winnings. (ii) How much should he pay to play the game if it is to be fair?A game costs $1 to play where you win $5 when a coin lands on heads but lose $6 when a coin lands on tails. Calculate the expected payoff to the nearest cent, being sure to show all work.
- One option in a roulette game is to bet $20 on red. (There are 18 red compartments, 18 black compartments, and two compartments that are neither red nor black.) If the ball lands on red, you get to keep the $20 you paid to play the game and you are awarded $20. If the ball lands elsewhere, you are awarded nothing and the $20 that you bet is collected. Find the expected payback for this roulette game if you bet $20 on red. The expected payback is $ (Round to the nearest cent as needed.)One option in a roulette game is to bet $28 on red. (There are 18 red compartments, 18 black compartments, and two compartments that are neither red nor black.) If the ball lands on red, you get to keep the $28 you paid to play the game and you are awarded $28. If the ball lands elsewhere, you are awarded nothing and the $28 that you bet is collected. Find the expected payback for this roulette game if you bet $28 on red.4. The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 700 tickets. There is one $2,000 grand prize, three $400 second prizes, and twelve $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
- 7. A gambler pays $10 to enter a game in which two coins are tossed. The gambler receives $25, $5 or nothing if two heads, one head or no heads appear, respectively. (a) Determine the expected return per game (ignore the $10 cost of playing). (b) The gambler decides to play until winning the $25 prize. Letting X denote the number of games played until two heads appear (the final game is the Xth game), find the probability function f(x) of X, show that its sum over all possible values of X is one, and find the expected value µ of X. (Note: this is not the expected return on this version of the game. Note too that X here is not quite the same as a geometric random variable, as it was defined in the lecture notes; however, thinking about such random variables will be helpful here).You pay $3.50 to play the following game:Each of two fair dice are numbered with 3 on one side, a 2 on two sides, and a 1 on three sides.The dice are rolled once and you are returned the dollar amount corresponding to the sum on thefaces. What is the expected earning from the game?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.)
- 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?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.