Bethany is on a game show. She has chosen a single case which contains one of 4 possible amounts of money. The amounts her case might contain are $.01, $100, $200,000, or $500,000. Each amount is equally likely. Complete the table and use to answer the following questions. Case value = X .01 100 200,000 500,000 p(X) Xp(X) Find the expected amount of money in Bethany’s case (expected value). If Bethany were offered $180,000 for her case, would this be a good offer compared to the expected value? Suppose the $200,000 case has now been eliminated. Bethany’s case is now equally likely to contain either $.01, $100, or $500,000. What is the expected value of her case now?

Bethany is on a game show. She has chosen a single case which contains one of 4 possible amounts of money. The amounts her case might contain are $.01, $100, $200,000, or $500,000. Each amount is equally likely. Complete the table and use to answer the following questions. Case value = X .01 100 200,000 500,000 p(X) Xp(X) Find the expected amount of money in Bethany’s case (expected value). If Bethany were offered $180,000 for her case, would this be a good offer compared to the expected value? Suppose the $200,000 case has now been eliminated. Bethany’s case is now equally likely to contain either $.01, $100, or $500,000. What is the expected value of her case now?

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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