expected value and variance of a participant’s net earnings

Q: Tickets for a drawing are sold for $60 each. The holder of the winning ticket wins a cash prize of…

A: We have given, Tickets for a drawing are sold for $60 each. The holder of the winning ticket wins a…

Q: Find the expected gain or loss per ticket for a raffle with a grand prize of $1,000. A total of 100…

A: Given data: Total tickets = 100 Tickets sold price = $20 Grand price  = $1000 To find: Expected gain…

Q: Suppose that an electronics store runs a promotion. At the cash register, each separate item is…

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Q: Find the expected value of the sum obtained when n fair dice are rolled.

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Q: In a game, a fair die is rolled and the player wins $1 if a 1 is rolled, wins $2 if a 6 is rolled,…

A: Let X denote the net gain The net gain and its probability are shown in the table x P(X)…

Q: 1 the game of roulette, a player can place a $6 bet on the number 9 and have a probability of…

A: Solution

Q: In a game of​ chance, players pay $5 for a chance to win one of two​ prizes: a ​$100 gift card or a…

A: Using E(X)= xP(X) Where x= price value  P(X)= probability of winning or losing X value.

Q: A stock index consists of businesses in both Europe and the United States. Assume that each business…

A: Given the probability that American business makes a profit = 90% = 0.90 Given the probability that…

Q: A charity organization is selling 100 mystery boxes for $5 each. Five of the mystery boxes contain a…

A: Used tool : excel

Q: A raffle offers a first prize of $400 and 3 second prizes of $80 each. One ticket costs $2, and 600…

A: Given information- No. of ticket = 600 P(wining $400) = 1/600 P(wining $80) = 3/600 Cost of ticket =…

Q: At a raffle 250 tickets are sold for $4 each. There is one grand prize of $5000 and two prizes of…

A: There are total 250 raffle tickets and each ticket cost of $4.

Q: The expected value is $

A: Given : The player awarded for winning amount is $245 The probability that player winning the game…

Q: uppose you play a game of chance where you roll a pair of dice. You pay a nonrefundable $2 to play…

A: If the number of pips on both dice is even, you win $6.  Otherwise you win nothing

Q: In the game of roulette, a player can place a $8 bet on the number 5 and have a probability of…

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Q: In the game of roulette, a player can place a $4 bet on the number 8 and have a probability of…

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Q: In the game of roulette, a player can place a $7 bet on the number 33 and 1 have a probability of…

A: Given data is :Probability of winning a game = So, probability of loosing = =Here, a person bet on a…

Q: Mamma Temte bakes six pies a day that cost $2 each to produce. On 27% of the days she sells only two…

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Q: Determine whether the following statement makes sense or does not make sense, and explain your…

A: Given : For a fair die, the Probability(P) of rolling a number is 1/6P (rolling 1 or 2) = 1/6 + 1/6…

Q: A lawyer considering taking a case figures that there is a 40% chance of winning the case in court…

A: The expected payoff of the case for the firm is obtained below: From the given information, there is…

Q: A lottery game offers php. 2,000,000 to the grand prize winner, Php. 20 to 10,000 second prize…

A: We make a table for the winning amounts Winning amount (X) 2,000,000 20 4 Frequency 1 10000…

Q: In the game of​ roulette, a player can place a ​$6 bet on the number 30 and have a 138 probability…

A: Solution: Let  x is the gain to a player in a game of​ chance.  The possible values of x are -6 and…

Q: In the game of​ roulette, a player can place a ​$4 bet on the number 15 and have a 138…

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Q: We roll a die once. If 3 or 6 comes up, we win 81 dollars; if 1 comes up, we lose 324 dollars; if…

A: Probability of getting 3 or 6 = 2/6  Probability of getting 1 = 1/6  Probability of any other number…

Q: A company makes electronic gadgets. One out of every 20 gadgets is faulty, but the company doesn’t…

A: Number of gadgets =20Profit =$8Number of faulty gadget =1

Q: In a XYZ car company car saleswoman has to sell 1 car. She is provided with a very large (infinite…

A: The trials with the customer will be operating until one car is sold. So to the distribution…

Q: You are dealt one card at random from a full deck and your opponent is dealt 2 cards (without any…

A: The expectation of a discrete random variable X, denoted by E(X), is a measure of central tendency…

Q: In American roulette, the wheel has the 38 numbers, 00, 0, 1, 2, ..., 34, 35, and 36, marked on…

A: From the given information we havethere are 38 equally spaced slots on the wheel…

Q: At a lottery competition, a person pays 20R to participate in the competition. If he rolls two dice…

A: Expected gain = sum(p*x)

Q: In the game of roulette, a player can place a $7 bet on the number 21 and have a 25 probability of…

A: It is given that the probability of the winning the game is 1/38. Therefore, the probability of…

Q: In a group of 20 health insurance policyholders diagnosed with cancer, each policyholder has…

A: Variance is the measure of dispersion. It is calculated by taking square deviation of each…

Q: In American roulette, the wheel has the 38 numbers, 00, 0, 1, 2, 34, 35, and 36, marked on equally…

A: here given 38 number on wheel. x=net gain to player in game. probability of bet number come (win…

Q: In a dice game, if you bet $4 you either lose your money or gain $8 (that is you keep your 4 dollars…

A: In a dice game, if you bet $4 you either lose your money or gain $8 (that is you keep your 4 dollars…

Q: In a game of​ chance, players pay ​$5 for a chance to win one of two​ prizes: a ​$100 gift card or…

A: given:

Q: In a game involving the roll of a single die, the following rules have been agreed upon: I pay P1…

A: