A game show contestant is offered the option of receiving a computer system worth $2200 or accepting a chance to wineither a luxury vacation worth $4900 or a boat worth $9000. If the second option is chosen the contestant's probabilities ofwinning the vacation or the boat are 0.20 and 0.15, respectively. If the contestant were to turn down the computer systemand go for one of the other prizes, what would be the expected winnings?The expected winnings are$.

Given Data:Prize (x)P(x)49000.29000.15We have to find the expected winning if contestant were turn…

Answered: A game show contestant is offered the…

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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Charlie buys a one-year term home insurance policy for $p, that will pay $200,000 in the event of a major catastrophe and $35,000 in the event of a minor catastrophe. Charlie's home has a 0.2% chance of a major catastrophe and a 0.7% of a minor catastrophe during the one year term. What did the insurance company charge Charlie for this policy if the company expected to break even?
In an amusement arcade there is a horse race with horses coloured red, yellow and green. Only one player can play this game at any time and the outcomes of each race are independent of previous races. You can either bet 10p or 20p. If you bet 10p then each horse is equally likely to win. If you bet 20p the corresponding probabilities are 50%, 30% and 20%, respectively. Three times as many people bet 10p as do 20p. Given red wins, what is the probability it had been a 20p bet? 0.333 0.300 0.313 0.298
The proprietor of Midland Construction Company has to decide between two projects. He estimates that the first project will yield a profit of $180,000 with a probability of 0.7 or a profit of $130,000 with a probability of 0.3; the second project will yield a profit of $220,000 with a probability of 0.7 or a profit of $80,000 with a probability of 0.3.Find the expected profit for each project. first project $ second project $
June is a student taking a statistics course. Unfortunately, June is not a diligent student. She does not read the textbook before or after class, does not do homework, and regularly misses class. She intends to rely on luck to pass the next quiz. The quiz consists of 10 multiple-choice question. Each question has five possible answers. Only one of the answers is correct, so the probability of choosing the correct answer is 0.20. June plans to guess the answer to each question independently. Let � be the number of correct answers on June’s quiz. What is the standard deviation of correct answers for June? Group of answer choices 8 2 1.26 1.14 None of These
You flip two fair coins. If both coins land heads you win $2. Otherwise you lose $1. What is the expectation of this game? Round your answer to the nearest cent.
A friend proposes a gamble to you. You roll 2 fair, six-sided dice, and add up the results of each die to find your total number. If your roll totals a 6 or 8, your friend pays you $30. If you roll any other total, you pay your friend $10. What is your expected payoff from playing this game 100 times?.
Bob, the proprietor of Midway Lumber, bases his projections for the annual revenues of the company on the performance of the housing market. He rates the performance of the market as very strong, strong, normal, weak, or very weak. For the next year, Bob estimates that the probabilities for these outcomes are 0.15, 0.25, 0.39, 0.09, and 0.12, respectively. He also thinks that the revenues corresponding to these outcomes are $23, $18.6, $16.9, $14, and $6 million, respectively. What is Bob's expected revenue for next year?
Suppose an oil company is thinking of buying some land for $10,000,000. There is a 60%60% chance of economic growth and a 40%40% chance of recession. The probability of discovering oil is 44%44% when there is economic growth and 32%32% when there is a recession. If there is economic growth and the oil company discovers oil, the value of the land will triple. If they do not discover oil, the value of the land will decrease by 10%.10%. If there is a recession and the company discovers oil, the value of the land will increase by 50%.50%. If they do not discover oil, the land will decrease in value by 75%.75%. What is the expected value of the investment? Give your answer to the nearest dollar. Avoid rounding within calculations. $$ Select the correct interpretation of the expected value. The expected value represents what the actual investment value will be for this land purchase of $10,000,000. The company should make the investment because the expected value…
Brian, a landscape architect, submitted a bid on each of three home landscaping projects. He estimates that the probabilities of winning the bid on Project A, Project B, and Project C are 0.7, 0.5, and 0.2, respectively. Assume that the probability of winning a bid on one of the three projects is independent of winning or losing the bids on the other two projects. Find the probability that Brian will experience the following. (a) Win all three of the bids (b) Win exactly two of the bids (c) Win exactly one bid
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.

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