A ping pong ball is drawn at random from an urn consisting of balls numbered 4 through 9. A player wins $1.5 if the number on the ball is odd and loses $1.5 if the number is even. Let x be the amount of money a player will win/lose when playing this game, where x is negative when the player loses money. (a) Construct the probability distribution table for this game. Round your answers to two decimal places. Outcome Probability P(x) (b) What is the expected value of player's winnings? Round to the nearest hundreth. (c) Interpret the meaning of the expected value in the context of this problem.
A ping pong ball is drawn at random from an urn consisting of balls numbered 4 through 9. A player wins $1.5 if the number on the ball is odd and loses $1.5 if the number is even. Let x be the amount of money a player will win/lose when playing this game, where x is negative when the player loses money. (a) Construct the probability distribution table for this game. Round your answers to two decimal places. Outcome Probability P(x) (b) What is the expected value of player's winnings? Round to the nearest hundreth. (c) Interpret the meaning of the expected value in the context of this problem.
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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
Transcribed Image Text:A ping pong ball is drawn at random from an urn consisting of balls numbered 4 through 9. A player
wins $1.5 if the number on the ball is odd and loses $1.5 if the number is even.
Let x be the amount of money a player will win/lose when playing this game, where x is negative
when the player loses money.
(a) Construct the probability distribution table for this game. Round your answers to two decimal
places.
Outcome
Probability P(x)
(b) What is the expected value of player's winnings? Round to the nearest hundreth.
(c) Interpret the meaning of the expected value in the context of this problem.
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