A game with a winning probability of 0.5. Winning the game has a $3 prize. The game cost $3 to play. What is the expected value
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A game with a winning
Winning the game has a $3 prize.
The game cost $3 to play. What is the
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- A bag contains 2 gold marbles, 9 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? Round your result to the nearest cent.You decide you will rent a booth at the citywide yard sale. If the weather nice and it doesn’t rain, you could make a profit of $500. If it rains you will lose $50. If there is a 40% chance of rain, what is the expected value for the day? Group of answer choices: Choose answer and show your work. $280 $170 $300 $320A game has an expected value to you of -$0.50. It costs $2 to play, but if you win, you receive $20 (including your $2 bet) for a net gain of $18. What is the probability of winning? Would you play this game? Discuss the factors that would influence your decision.
- A bag contains 2 gold marbles, 6 silver marbles, and 30 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 that you roll two dice. You will be paid $5 if you roll a double (same number on both dice). You will not receive anything for any other outcome. What is the expected value of this game? Round your answer to two decimal places.In a game of chance, players pay $5 for a chance to win one of two prizes: a $100 gift card or a $20 gift card. The probability of winning the $100 gift card is 0.006 and the probability of winning the $20 gift card is 0.07. Find the expected value (win or loss) per game.
- 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 costs $12.00 to play. In the game, there is a bag that contains 12 balls; 6 are red, 2 are green, and 4 are yellow. The player of the game draws one ball at random from the bag, and the player wins $9.00 if they draw a red ball, nothing if they draw a green ball, and $17.00 if they draw a yellow ball. What is the expected value of this game for the player? Round your answer to the nearest cent.Suppose that you and a friend are playing cards and you decide to make a friendly wager. The bet is that you will draw two cards without replacement from a standard deck. If both cards are diamonds, your friend will pay you $139. Otherwise, you have to pay your friend $7. Step 1 of 2: What is the expected value of your bet? Round your answer to two decimal places. Losses must be expressed as negative values. Answer E Tables E Keypad How to enter your answer Keyboard Shortcuts
- An architect is considering bidding for the design of a new museum. The cost of drawing plans and submitting a model is $18,000. The probability of being awarded the bid is 0.2. If the architect is awarded the bid, she will make $90,000 minus the $18,000 cost for plans and a model. Complete parts a. through b. below. a. What is the expected value in this situation? $ (Round to the nearest dollar.) b. Choose the statement below that best describes what this value means. O A. In the long run, the architect would expect to earn this amount. OB. In the long run, the architect would expect to lose this amount. O C. In the long run, the architect would expect to break even. O D. None of the above. CA group consists of 5 Democrats and 8 Republicans. 7 people are selected to attend a conference.a. In how many ways can 7 people be selected from this group of 13?b. In how many ways can 7 Republicans be selected from the 8 Republicans?c. Find the probability that the selected group will consist of all Republicans.You are invited to play a game in which 2 coins are tossed. If the both coins come up heads, you win $9. If both come up tails, you lose $5. If one coin is heads and one is tails, you lose $3. What is your expected value? Round your answer to the nearest cent.
