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Name: A card game in a carnival has the following rules of winning: You will
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Description: A card game in a carnival has the following rules of winning: You will win 300 if you draw a jack or a queen; You will win 400 if you draw a king; You will win 500 if you draw an ace from an ordinary deck of 52 playing cards; If you draw any other ca

Math

Probability

expected value

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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In gambling, the chances of winning are often written in terms of odds rather than probabilities. The odds of winning is the ratio of the number of successful outcomes to the number of unsuccessful outcomes. The odds of losing is the ratio of the number of unsuccessful outcomes to the number of successful outcomes. For example, if the number of successful outcomes is 2 and the number of unsuccessful outcomes is 3, the odds of winning are 2:3 (read "2 to 3") or 2 2 (Note: If the odds of winning are the probability of success is 3' 5.) 2 3 The odds of an event occurring are 3:1. Find (a) the probability that the event will occur and (b) the probability that the event will not occur.
There is a game of chance called "Lightning Dice" at a charity carnival. It costs $2 to play. The player then rolls 4 dice. If the player rolls 3 or more sixes, then the player wins $30. Otherwise, the player wins nothing. How much can you expect to gain or lose if you play this game 68 times?
A bag contains 5 gold marbles, 7 silver marbles, and 23 black marbles. The rules of the game are as follows: You randomly select one marble from the bag. If it is gold, you win $4, if it is silver, you win $3. If it costs $1 to play, what is your expected profit or loss if you play this game? $ Submit Question
A friend proposes a gamble to you. You roll 2 fair, six-sided dice, and add up the results of each die to find your total number. If your roll totals a 6 or 8, your friend pays you $30. If you roll any other total, you pay your friend $10. What is your expected payoff from playing this game 100 times?.
Activity #4: PROBABILITY Read and analyze the problems, show your solution, and box the answer. 1. What would be the probability of a. picking a black card at random from a standard deck of 52 cards? b. picking a face card (i.e. a king, queen, or jack)? c. not picking a face card? 2. What is the probability of rolling, on a fair dice: a. a 3? b. an even number? c. zero? d. a number greater than 4? e. a number lying between 0 and 72 f. a multiple of 3 given that an even number was drawn? 3. A standard deck of playing cards is well shuffled and from it, you are given two cards. You can have 0, 1, or 2 aces: three possibilities altogether. So, the probability that you have two aces is equal to 1/3. What is flawed about this argument? 4. You shuffle a deck of playing card, and then start turning the cards one at a time. The first one is black. The second one is also a black card. So is the third, and this happens up to the 10th card. You start thinking, "the next one will likely be red!"…
An adventurous aardvark is a card shark and gambler. He offered to let you play in a game with him. To play you must pay him $2. If you pick a spade you win $9 what is the expected value for you if you play this game with the aardvark?
Betty is offered a bet where she can win $100 dollars with a 1/4 chance and she would lose X with a 3/4 chance. She feels indifferent between taking the bet or not, and considers herself risk neutral, so X must be about. $25 O $33 O $80 O $66
You pay $3.50 to play the following game:Each of two fair dice are numbered with 3 on one side, a 2 on two sides, and a 1 on three sides.The dice are rolled once and you are returned the dollar amount corresponding to the sum on thefaces. What is the expected earning from the game?
Your friend convinces you to play a game where you roll a standard die one time. It costs $5 to play the game. If you roll a 3 or a 4 you win $9. Any other roll wins nothing. 4. Find the expected value of this game.
A bag contains 3 red marbles, 9 white marbles, and 15 blue marbles. You randomly select one marble from the bag. If it is red, you win $4. If it is white, you win $2. If it is blue, you lose $1. What is your expected value when playing this game? Round your answer to the nearest cent.
Chandler offers you the opportunity to play his $2 game where he shuffles four cards and you must pick the correct one. What is the expected profit per person if the prize is a $1.25 coke for the game?Single line text.
A certain game involves tossing 3 fair coins, and it pays 11¢ for 3 heads, 7¢ for 2 heads, and 4e for 1 head. Is 7¢a fair price to pay to play this game? That is, does the 7¢ cost to play make the game fair? .... The 7¢ cost to play a fair price to pay because the expected winnings are (Type an integer or a fraction. Simplify your answer.)