5. You pay $45 to play a game. After paying, you get to draw a prize from a bowl. The bowl has one $10 prize, one $25 prize, one $50 prize, one $75 prize and one $100 prize. Complete the probability distribution table to determine the expected value (the expected payout after purchasing a ticket). P(x) XP(X)
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- Show your work . Justify an answerSuppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $17. If you roll a 3, 4 or 5, you win $5. Otherwise, you pay $6. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table P(X) nd b. Find the expected profit. (Round to the nearest cent) c. Interpret the expected value. Of you play many games you will likely win on average very close to $3.33 per game. O You will win this much if you play a game. O This is the most likely amount of money you will win. or d. Based on the expected value, should you play this game? O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O Yes, since the expected value is 0, youvould be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost. No, since the expected…Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $7. If you roll a 4 or 5, you win $2. Otherwise, you pay $8.a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent)c. Interpret the expected value. If you play many games you will likely lose on average very close to $2.17 per game. You will win this much if you play a game. This is the most likely amount of money you will win. d. Based on the expected value, should you play this game? No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. Yes, since the expected value is 0, you would be…
- Previously, De Anza's statistics students estimated that the amount of change daytime statistics students carry is exponentially distributed with a mean of $0.88. Suppose that we randomly pick 25 daytime statistics students. Find the probability that an individual had between $0.80 and $1.00. Graph the situation, and shade in the area to be determined.Don't Hand writing in solution.You purchase a brand new car for $15,000 and insure it. The policy pays 78% of the car's value if there is an issue with the engine or 30% of the car's value if there is an issue with the speaker system. The probability of an issue with the engine is 0.009, and the probability there is an issue with the speaker system is 0.02. The premium for the policy is p. Let X be the insurance company's net gain from this policy. (a) Create a probability distribution for X, using p to represent the premium on the policy. Enter the possible values of X in ascending order from left to right. P(X) (b) Compute the minimum amount the insurance company will charge for this policy. Round your answer to the nearest cent
- Lesson 10 Q7 Calculate the expected value from the following probability distribution.Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $9. If you roll a 3, 4 or 5, you win $2. Otherwise, you pay $3.a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent)c. Interpret the expected value. You will win this much if you play a game. If you play many games, on average, you will likely win, or lose if negative, close to this amount. This is the most likely amount of money you will win. d. Based on the expected value, should you play this game? No, this is a gambling game and it is always a bad idea to gamble. Yes, because you can win $9.00 which is greater than the $3.00 that you can lose. No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Yes,…Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $7. If you roll a 2, 3, 4 or 5, you win $3. Otherwise, you pay $10.a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent)c. Interpret the expected value. This is the most likely amount of money you will win. If you play many games you will likely win on average very close to $1.50 per game. You will win this much if you play a game. d. Based on the expected value, should you play this game? No, this is a gambling game and it is always a bad idea to gamble. Yes, because you can win $7.00 which is greater than the $10.00 that you can lose. Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as…
- A lottery offers one $1000 prize, one $500 prize, and two $50 prizes. One thousand tickets are sold at $4.00 each. Find the expectation if a person buys one ticket. Create a probability distribution as part of your answer.Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $13. If you roll a 2, 3, 4 or 5, you win $1. Otherwise, you pay $7. a. Complete the PDF Table. LIst the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $__________(Round to the nearest cent). c. Interperet the expected value. O You will win this much if you play a game. O If you play many games you wil likely win on average very close to $1.67 per game. O This is the most likely amount of money yuo will win. d. Based on the expected value, should you play this game? O Yes, since the expected value is positive , you would be very likely to come home with more money if you played many games. O Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so…Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $17. If you roll a 2, 3, 4 or 5, you win $4. Otherwise, you pay $6. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. O This is the most likely amount of money you will win. Oif you play many games you will likely win on average very close to $4.50 per game. O You will win this much if you play a game. d. Based on the expected value, should you play this game? O No, since the expected value is negative, you would be very likely to come home with less money if you played many games. O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O No, this is a gambling game and it is always a bad idea to gamble.…
