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- A lottery offers one $1000 prize, one $500 prize and two $200 prizes. One thousand tickets are sold at $3.00 each. Find the expectation if a person buys one.When playing roulette at a casino, a gambler is trying to decide whether to bet $15 on the number 30 or to bet $15 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler knows that the 5 33 expected value of the $15 bet for a single number is - 79¢. For the $15 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of 38 of making a net profit of $90 and a a. Find the expected value for the $15 bet that the outcome is 00, 0, 1, 2, or 3. probability of losing $15. 38 b. Which bet is better: a $15 bet on the number 30 or a $15 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3? Why? a. The expected value is $ (Round to the nearest cent as needed.) b. Since the expected value of the bet on the number 30 is than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3, the bet on is better.A modified roulette wheel has 40 slots. One slot is 0, another is 00, and the others are numbered 1 through 38, respectively. You are placing a bet that the outcome is an even number. (In roulette, 0 and 00 are neither odd nor even.) a. What is your probability of winning? d. How much profit should you make on the $10 bet if you could somehow convince the casino to change its payoff odds so that they are the same as the actual odds against winning?
- A spinner game has a wheel with the numbers 1 through 21 marked in equally spaced slots. You pay $1 to play the game. You pick a number from 1 to 21. If the spinner lands on your number, you win $16. Otherwise, you win nothing. Find the expected net winnings for this game.A "psychic" runs the following ad in a magazine: Expecting a baby? Renowned psychic will tell you the sex of the unborn child from any photograph of the mother.Cost, $20. Money‑back guarantee. This may be a profitable con game. Suppose that the psychic simply replies "boy" to all inquiries. In the worst case, everyone who has a girl will ask for her money back. Sex of child Probability The psychic's profit Boy 0.51 Girl 0.49 The expected value of the psychic's profit is the average dollar amount kept from customer (ignoring any postage costs). Find the expected value of the psychic's profit by filling in the boxes below with you answers. Use decimal notation. If your answer is not a whole number, round to the nearest tenths place. Psychic's profit for Boy: $ Psychic's profit for Girl: $ Expected value: $A game-show spinner has these odds of stopping on particular dollar values: 55% for $5, 20% for $25, 15% for $100, and 10% for $1000. What are the odds of a player winning $5 or $25?
- In another game at Bonehead Casino in Reno, the player draws one card from a standard deck. If it is an A. then the player wins $80; then the player wins $35; then the player loses. a Q, 8, or 7, anything else, It costs $14 to play (for each play). Now, Melvin plays the game 3,000 times, Rufus plays the game 50,000 times. Find the probability that (a) Melvin makes $2,250 or more. (b) Rufus makes $500 or more.Say that a game consists of two steps. First, you roll a die. If you roll a 1 or a 6, you continue; otherwise, you lose the game. If you rolled a 1 or a 6 and can continue playing the game, the second step is to draw a random card from a standard deck of 52 playing cards. If you draw an ace or a 6, you win. What is the probability that you will win this game?When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 25 or to bet $10 that the outcome s any one of the five possibilities 00, 0, 1, 2, or 3. The gambler 5 33 knows that the expected value of the $10 bet for a single number is - 53¢. For the $10 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of of making a net profit of $60 and a 38 38 probability of losing $10. a. Find the expected value for the $10 bet that the outcome is 00, 0, 1, 2, or 3. b. Which bet is better: a $10 bet on the number 25 or a $10 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3? Why? a. The expected value is $. (Round to the nearest cent as needed.) b. Since the expected value of the bet on the number 25 is than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3, the bet on is better. greater less
- SportBet lists the odds against the Lakers winning their next game as 5:2. Joe bets $10 with SportBet that the Lakers will lose their next game. If the Lakers lose, how much money will Joe get (apart from receiving his $10 bet back)? (Answer: $4) BetsRUs lists the odds in favor of Ben and Jerry's going out of business as 5:3. Ever the gambler, Joe bets $10 with BetsRUs that Ben and Jerry's will go out of business. If Ben and Jerry's goes out of business, how much money will Joe get (apart from receiving his $10 bet back)? (Answer: $6) anc andA spinner game has a wheel with 28 numbers (0 through 27) in equally spaced slots. Consider a $1 bet on a number from 1 to 27. If your number hits, you have $27 returned to you; otherwise, you lose your $1 bet. Find the expected return for this bet. (Round your answer to two decimal places.)$Solve the following problems.A card is drawm from a deck of 52 cards. What is the probability that the card drawn isA. A face card or a spade?B. A red card or a face card?C. A black card or a diamond?D. an even number or a diamond?E. an odd number or a black card?