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 playa fair price to pay because the expected winnings are(Type an integer or a fraction. Simplify your answer.)

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Answered: A certain game involves tossing 3 fair…

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.7: Probability

Problem 61E: If P(AB)=0.7, is it possible that P(BA)=0.6? Explain

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Similar questions

If P(AB)=0.7, is it possible that P(BA)=0.6? Explain
If NA=3 and NB=5, what is: a the smallest number possible for NAB? b the largest number possible for NAB?
On a game show, a contestant is given the digits 3, 4, and 5 to arrange in the proper order to form the price of an appliance. If the contestant is correct, he or she wins the appliance. What is the probability of winning when the contestant knows that the price is at least $400?
If NA=3 and NB=5, what is: a the largest number possible for NAB? b the smallest number possible for NAB?
In the game "Rolling for Rubles", you win $1 for rolling a 1, $2 for a 2 and so on till $6 for rolling a 6. What would be the fair price for a ticket to play this game? $2.50 $3 $4 $4.50 $3.50 None of the other answers is correct.
Suppose that you and a friend are playing cards and decide to make a bet. If you draw two clubs in succession from a standard deck of 52 cards without replacing the first card, you win $⁢40. Otherwise, you pay your friend $⁢10. If the same bet was made 25 times, how much would you expect to win or lose? Round your answer to the nearest cent, if necessary. Win: Lose:
At roulette, there are 38 slots. A "column" consists of 12 of these slots. A column pays 2 to 1. So, if you risk $1 on a column and win, you net gain +2 dollars. If you lose, your net equals –1 dollar. Suppose you will play for 100 rounds and bet one dollar on a column each round. (You may enter values rounded to the nearest cent. Beware of carried rounding error.) Your average net gain per play equals 0.0526 dollars. The SD of your net gain per play equals 1.39 dollars. The expected value of your total net gain after 100 plays equals -5.3 dollars. The standard error of your total net gain after 100 plays equals 13.94 dollars.
A game involves tossing two coins and receiving 74 cents they are both heads. What is a fair price to pay for the privilege of playing this game twice
Imagine that Alina’s shower leaks and she calls the plumber. The plumber tells her that the problem is caused by either a leaky drain or a cracked shower pan, but never both. He also tells her that, in his experience, a leaky drain is the cause of the problem in about 90%90% of cases. If he discovers that the drain is the problem, he can fix it for $250$250. If he discovers that the shower pan is the problem, he must charge $2500$2500 instead. What is the expected value of the repair price? Please round your answer to the nearest whole dollar.
A school is having a carnival to raise funds. In the following game, the player spins the spinner below and receives the dollar amount of the number on which the arrow lands. It costs $2 to play the game. (Assume the spinner is divided into eighths.) 5 2 2 4 Let's say 3,000 people play the carnival game over the course of the carnival. Theoretically, how much money (in dollars) will the school make from this game?
Mickey and Minnie are playing a game. They spin a spinner that has 11 equally sized pieces, 3 red, 2 blue, 1 green and 5 yellow. If the spinner lands on yellow, Minnie wins $7. If it lands on blue, Minnie wins $ 4. If it lands on any other section, Minnie loses money. In order for the game to be fair, Minnie must lose $ Blank 1. Calculate the answer by read surrounding text. if
Can you do question 2? I didn't get it. Thanks

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