Ali has a bag with 8 balls numbered 1 through 8. He is playing a game of chance.This game is this: Ali chooses one ball from the bag at random. He wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 isselected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. He loses $17 if 7 or 8 is selected.(If necessary, consult a list of formulas.)(a) Find the expected value of playing the game.|| dollars(b) What can Ali expect in the long run, after playing the game many times?(He replaces the ball in the bag each time.)O Ali can expect to gain money.He can expect to win dollars per selection.O Ali can expect to lose money.He can expect to lose | dollars per selection.O Ali can expect to break even (neither gain nor lose money).

The expected value is used to measures the average of the observation. It used to measure the…

Answered: Ali has a bag with 8 balls numbered 1…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Lisa is playing a game in which she spins a spinner with 6 equal-sized slices numbered 1 through 6. The spinner stops on a numbered slice at random. This game is this: Lisa spins the spinner once. She wins $1 if the spinner stops on the number 1, $4 if the spinner stops on the number 2, $7 if the spinner stops on the number 3, and $10 if the spinner stops on the number 4. She loses $11 if the spinner stops on 5 or 6. (a) Find the expected value of playing the game. | dollars (b) What can Lisa expect in the long run, after playing the game many times? O Lisa can expect to gain money. She can expect to win dollars per spin. O Lisa can expect to lose money. She can expect to lose dollars per spin. O Lisa can expect to break even (neither gain nor lose money).
To raise money for the local Veterans Affairs hospital, your friend organizes a fundraiser, inviting you to play a two-stage game where you pay $8 to play. The game works as follows: a fair 8-sided die is rolled, noting the number shown, and a spinner divided into 4 equal regions of different colors (blue, red, green, orange) is spun, noting the color. If the die shows 3 or the spinner shows orange, then you win $21. If the die shows an even number and the spinner does not show orange, then you win $9. Otherwise, you do not win anything. Let X be your net winnings. (a) Create a probability distribution for X. Enter the possible values of X in ascending order from left to right. All probabilities should be exact. X P(X) (b) Compute your expected net winnings for the game. Round your answer to the nearest cent. $ (c) Is this game fair? Yes No
Shawn is playing a game with a set of cards. Half of them are blue and the other half are yellow. In the game, the player guesses the color of the top card, looks at the card, and returns the card to the deck. The player continues to do this, shuffling the deck after each guess. Shawn has guessed the first three attempts as "blue” and has been correct on each guess. He says he will guess "yellow” for the next card since a yellow card is due to happen. Is Shawn’s reasoning correct? Yes, Shawn has guessed well so far, so it is clear that he cannot miss. No, all of the cards have been blue so far, so the next one must also be blue. Yes, half of the cards are yellow, so the fourth card should be yellow to compensate for the first three cards being blue. No, the law of large numbers says that the proportion of yellow cards should approach the true probability after many trials.
You are playing a card game. If you pull an Ace you win $71, if you pull the King of hearts you win $101, if you pull a jack or a queen you win $37, all other pulls you lose. What price should you be charged to make this a fair game? Round your answer to the nearest hundredth.
Ravi is at the grand opening celebration of a supermarket. He spins a wheel with 10 equal-sized slices, as shown below. The wheel has 2 black slices, 4 grey slices, and 4 white slices. When the wheel is spun, the arrow stops on a slice at random. If the arrow stops on the border of two slices, the wheel is spun again. (a) If the arrow stops on a grey slice, then Ravi wins a gift card. Find the odds against Ravi winning a gift card. 0 (b) If the arrow stops on a grey slice, then Ravi wins a gift card. Find the odds in favor of Ravi winning a gift card. X to
At a back-to-school party, one of your friends lets you play a two-stage game where you pay $3 to play. The game works as follows: flip a fair coin, noting the side showing, and roll a fair standard 4-sided die (numbered 1–4), noting the number showing. If the die shows a 3 and the coin shows tails, then you win $22. If the coin shows heads and the die shows an even number, then you win $9. Otherwise, you do not win anything. Let X be your net winnings. (a) Create a probability distribution for X. Enter the possible values of X in ascending order from left to right. All probabilities should be exact. X P(X) (b) Compute your expected net winnings for the game. Round your answer to the nearest cent.

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