A person must pay $5 to play a certain game at the casino. Each player has a probability of 0.12 of winning$16, for a net gain of $11 (the net gain is the amount won 16 minus the cost of playing 5).Each player has a probability of 0.88 of losing the game, for a net loss of $5 (the net loss is simply the costof playing since nothing else is lost).What is the Expected Value for the player (that is, the mean of the probabiltiy distribution)? If theExpected Value is negative, be sure to include the sign with the answer. Express the answer with twodecimal places.Expected Value = $

From the provided information, The probability distribution table can be constructed as:…

Answered: A person must pay $5 to play a certain…

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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You purchase a brand new car for $17,000 and insure it. The policy pays 78% of the car's value if there is an issue with the engine or 30% of the car's value if there is an issue with the speaker system. The probability of an issue with the engine is 0.009, and the probability there is an issue with the speaker system is 0.02. The premium for the policy is p. Let X be the insurance company's net gain from this policy. (a) Create a probability distribution for X, using p to represent the premium on the policy. Enter the possible values of X in ascending order from left to right. X P(X)
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You purchase a brand new car for $15,000 and insure it. The policy pays 78% of the car's value if there is an issue with the engine or 30% of the car's value if there is an issue with the speaker system. The probability of an issue with the engine is 0.009, and the probability there is an issue with the speaker system is 0.02. The premium for the policy is p. Let X be the insurance company's net gain from this policy. (a) Create a probability distribution for X, using p to represent the premium on the policy. Enter the possible values of X in ascending order from left to right. P(X) (b) Compute the minimum amount the insurance company will charge for this policy. Round your answer to the nearest cent
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