A certain game involves tossing 3 fair coins, and it pays 21¢ for 3 heads, 9¢ for 2 heads, and 2¢ for 1 head. Is 9¢ a fair price to pay to play this game? That is, does the 9¢ cost to play make the game fair?.....The 9¢ cost to playa fair price to pay because the expected winnings are(Type an integer ory your answer.)isis not

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Answered: A certain game involves tossing 3 fair…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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One option in a roulette game is to bet $9 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 $9 you paid to play the game and you are awarded $9. If the ball lands elsewhere, you are awarded nothing and the $9 that you bet is collected. Complete parts (a) through (b) below. a. What is the expected value for playing roulette if you bet $9 on red? Round to the nearest cent.
One option in a roulette game is to bet $7 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 $7 you paid to play the game and you are awarded $7. If the ball lands elsewhere, you are awarded nothing and the $7 that you bet is collected. Complete parts (a) through (b) below. III a. What is the expected value for playing roulette if you bet $7 on red? $ (Round to the nearest cent.) b. What does this expected value mean? Choose the correct statement below. O A. This value represents the expected loss over the long run for each game played. OB. Over the long run, the player can exper to break even. OC. This value represents the expected win over the long run for each game played.
Cecil has blue, red, green, and black pens in his bag. This table shows how many of each type of pen he has in his bag. Pen Color Number ofPens Blue 6 Red 4 Green 2 Black 8 Cecil randomly chooses a pen from his bag. Which statement is true based on this data? A.The pen is 4 times more likely to be red than it is to be green. B.The pen is 3 times more likely to be blue than it is to be green. C.The pen is more likely to be blue than it is to be black. D.The pen is equally likely to be blue, red, green, or black.
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.
A new game is being introduced at the Hard Rock Cafe. A ball is spun around a wheel until it comes to rest in one of many spots. Whatever is listed in that spot will be the player's winnings. If the wheel has 13 spots labeled $1, 15 spots labeled $2, and 7 spots labeled $10, how much should a player expect to win on average?

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