A game has an expected value to you of $100. It costs $100 to play, but if you win, you receive $100,000 (including your $100 bet) for a net gain of $99,900. What is the probability of winning? Would you play this game? Discuss the factors that would influence your decision.

A game has an expected value to you of $100. It costs $100 to play, but if you win, you receive $100,000 (including your $100 bet) for a net gain of $99,900. What is the probability of winning? Would you play this game? Discuss the factors that would influence your decision.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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A game has an expected value to you of $100.
It costs $100 to play, but if you win, you receive $100,000 (including your $100 bet) for a net gain of $99,900.
What is the probability of winning? Would you play this game? Discuss the factors that would influence your decision.

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