An unfair coin is flipped. If a head turns up, you win $1. If a tail tums up, you lose $1. The probability of a head is .39 and the probability of a tail is .61. Let X be the random variable for the amount won on a single play of this game. What is the expected value of the game? E(X) = (Type an integer or a decimal. Round to the nearest cent as needed.) dollars

An unfair coin is flipped. If a head turns up, you win $1. If a tail tums up, you lose $1. The probability of a head is .39 and the probability of a tail is .61. Let X be the random variable for the amount won on a single play of this game. What is the expected value of the game? E(X) = (Type an integer or a decimal. Round to the nearest cent as needed.) dollars

Name: An unfair coin is flipped. If a head turns up, you win $1. If a tail
Uploaded: 2024-03-20T07:06:41.000Z
Channel: Bartleby
Description: An unfair coin is flipped. If a head turns up, you win $1. If a tail tums up, you lose $1. The probability of a head is .39 and the probability of a tail is .61. Let X be therandom variable for the amount won on a single play of this game. What is t

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...

See similar textbooks

Similar questions

Class records at Rider University indicate that a student selected at random has probability 0.7 of passing Spanish 101. For the student who passes Spanish 101, the probability is 0.93 that they will pass Spanish 102. What is the probability that a student, selected at random, will pass both Spanish 101 and Spanish 102? Round answer to 3 decimal places.
The probability of an event is given. Find the odds in favor of the event. 0.4
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $15. If you roll a 3, 4 or 5, you win $1. Otherwise, you pay $10. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. This is the most likely amount of money you will win. O If you play many games you will likely lose on average very close to $0.33 per game. O You will win this much if you play a game. d. Based on the expected value, should you play this game? O No, this is a gambling game and it is always a bad idea to gamble. O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O Yes, because you can win $15.00 which is greater than the $10.00 that you can lose. O Yes, since the expected value is 0,…
need hekp with this, please!
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $17. If you roll a 3, 4 or 5, you win $5. Otherwise, you pay $6. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table P(X) nd b. Find the expected profit. (Round to the nearest cent) c. Interpret the expected value. Of you play many games you will likely win on average very close to $3.33 per game. O You will win this much if you play a game. O This is the most likely amount of money you will win. or d. Based on the expected value, should you play this game? O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O Yes, since the expected value is 0, youvould be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost. No, since the expected…
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $7. If you roll a 4 or 5, you win $2. Otherwise, you pay $8.a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent)c. Interpret the expected value. If you play many games you will likely lose on average very close to $2.17 per game. You will win this much if you play a game. This is the most likely amount of money you will win. d. Based on the expected value, should you play this game? No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. Yes, since the expected value is 0, you would be…
Several friends chartered a boat for a day's fishing. They caught a total of 63 fish. The table below provides information about the type and number of fish caught. Determine the empirical probability that the next fish caught is a kingfish. Fish Number caught Grouper Shark Flounder Kingfish 11 20 6 26 P(kingfish) = (Simplify your answer. Type a fraction.)
The probability that a randomly selected box of a certain type of cereal has a particular prize is 0.20. Suppose you purchase box after box until you have obtained two of these prizes. a. How many boxes without the desired prize do you expect to purchase? How many boxes do you expect to purchase?
The probability of an event is given. Find the odds in favor of the event. 0.45
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $9. If you roll a 3, 4 or 5, you win $2. Otherwise, you pay $3.a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent)c. Interpret the expected value. You will win this much if you play a game. If you play many games, on average, you will likely win, or lose if negative, close to this amount. This is the most likely amount of money you will win. d. Based on the expected value, should you play this game? No, this is a gambling game and it is always a bad idea to gamble. Yes, because you can win $9.00 which is greater than the $3.00 that you can lose. No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Yes,…
Find the probability and interpret the results. If covenient, use technology to find the probability. The population mean annual salary for environmental compliance specialists is about $63,500. A random sample of 34 specialists is drawn from this population. What is the probability that the mean salary of the sample is less tharn $61,000? Assume o= $5,900. The probability that the mean salary of the sample is less than $61,000 is. (Round to four decimal places as needed.)
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $17. If you roll a 2, 3, 4 or 5, you win $4. Otherwise, you pay $6. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. O This is the most likely amount of money you will win. Oif you play many games you will likely win on average very close to $4.50 per game. O You will win this much if you play a game. d. Based on the expected value, should you play this game? O No, since the expected value is negative, you would be very likely to come home with less money if you played many games. O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O No, this is a gambling game and it is always a bad idea to gamble.…