A game is played by picking a card from a standard deck of cards and is returned for the nextgame. The player receives P1040 if an ace card is picked, P520 if a face card is picked, and paysP260 if the card picked is any of the other cards in the deck.If X is the random variable for the gain in this game, which of the following conclusions iscorrect?O The game is fair since the expected value of the gain is 1300O The game is not fair since the expected value of the gain is 20.O The game is fair since the expected value of the gain is 20.O The game is not fair since the expected value of the gain is 1300

Given that, The player receives P1040 if an ace card is drawn. The player receives P520 if a face…

Answered: A game is played by picking a card from…

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...

See similar textbooks

Similar questions

In a game of one-spot Keno, a card is purchased for $1.00. It allows a player to choose one number from 1 to 80. The dealer then chooses twenty numbers at random from 1 to 80. If the player's number is among the numbers chosen by the dealer then the player is paid $3.90, but does not get to keep the $1.00 paid to play the game.What is the expected value of buying one card?
Hector plays a game with a friend. They have a bag which contains 13 red stones and 3 black stones. They pay $1 and pull out a stone. If the stone is black, Hector wins $6. If the stone is red, Hector wins nothing.. What is the expected value of the game?
In a bag there are 8 red balls, and 2 pink balls. You pay 3 dollars to draw 2 balls. If you draw 2 red balls you lose, if you draw a red and pink you win 8 dollars, and if you draw 2 pink you get 90 dollars. Find the expected value of this game and round you answer to the nearest cent.
A game is played with two fair 6-sided dice. The player rolls the dice. If the sum of the dice is 7 or less, the player loses $4. If the sum of the dice is 8 or 9, the player breaks-even. If the sum of the dice is 10 or greater, the player wins $10. The random variable X is a player’s gain (in $) from playing this game. a) Find P(X = 0). Give your answer as a fraction in lowest terms. P(X = 0) = Blank 1. Fill in the blank, read surrounding text. b) Find E(X). Give your final answer as a decimal. If rounding, give to 2 decimal places. E(X) = Blank 2. Fill in the blank, read surrounding text. dollars c) Find the standard deviation s for the random variable X. Give the final answer as a decimal rounded to 2 decimal places. s = Blank 3. Fill in the blank, read surrounding text. dollars
If you have a sample of 100 patients at a hospital and 20 of them have the flu, what is the probability Of randomly selecting 3 patients in a row who have the flue?
An adventurous aardvark is a card shark and gambler. He offered to let you play in a game with him. To play you must pay him $2. If you pick a spade you win $9 what is the expected value for you if you play this game with the aardvark?
You pay $3.50 to play the following game:Each of two fair dice are numbered with 3 on one side, a 2 on two sides, and a 1 on three sides.The dice are rolled once and you are returned the dollar amount corresponding to the sum on thefaces. What is the expected earning from the game?
Your friend convinces you to play a game where you roll a standard die one time. It costs $5 to play the game. If you roll a 3 or a 4 you win $9. Any other roll wins nothing. 4. Find the expected value of this game.
Chandler offers you the opportunity to play his $2 game where he shuffles four cards and you must pick the correct one. What is the expected profit per person if the prize is a $1.25 coke for the game?Single line text.
A bag contains 2 gold marbles, 7 silver marbles, and 21 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $3. If it is silver, you win $2. If it is black, you lose $1.What is your expected value if you play this game?
Suppose it costs $29 to roll a pair of dice. You get paid 4 dollars times the sum of the numbers that appear on the dice. What is the expected payoff of the game? Is it a fair game? The expected payoff of the game is $? is it a fair game?

Recommended textbooks for you

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

SEE MORE TEXTBOOKS