Homework Help is Here – Start Your Trial Now!
Math
Statistics
5

5

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question
5
Suppose there is a carnival game where you select 1 card out of a deck of 55 cards. Inside the deck there is 1 Ace, 3 Kings, 4 Queens, and 47 Blanks. The payouts for the game are as follows: Draw an Ace: Win 15 dollars Draw a King: Win 5 dollars Draw a Queen: Win 3 dollars Draw a Blank: Lose 1 dollar (a) Construct a probability model for this game. (b) Calculate the probability that you WIN money on any one play of the game. (c) Calculate the probability that you LOSE money on 10 plays of this game in a row. (d) Calculate the expected value for this game. Interpret this value. Is this a good or bad game? (e) Suppose that after 80 plays of this game you have lost a total of 14 dollars. Is this better or worse than predicted by the expected value? (f) What should drawing an Ace pay for this game to be fair?
Transcribed Image Text:Suppose there is a carnival game where you select 1 card out of a deck of 55 cards. Inside the deck there is 1 Ace, 3 Kings, 4 Queens, and 47 Blanks. The payouts for the game are as follows: Draw an Ace: Win 15 dollars Draw a King: Win 5 dollars Draw a Queen: Win 3 dollars Draw a Blank: Lose 1 dollar (a) Construct a probability model for this game. (b) Calculate the probability that you WIN money on any one play of the game. (c) Calculate the probability that you LOSE money on 10 plays of this game in a row. (d) Calculate the expected value for this game. Interpret this value. Is this a good or bad game? (e) Suppose that after 80 plays of this game you have lost a total of 14 dollars. Is this better or worse than predicted by the expected value? (f) What should drawing an Ace pay for this game to be fair?
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS