I am playing a gambling game. On each play, I have a 20% chance of winning $12, a 20% chance of breaking even (not winning or losing any money), and 60% chance of losing $5. I play this game 200 times. A) In 200 plays, my net gain (total amount won or lost) has an expected value of $___________, with a standard error of $___________. (B) What is the chance that I come out ahead (have a positive net gain) after the 200 plays? Use the normal approximation to calculate this. ___________

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: Events A and B are mutually exclusive with PA equal to 0.362 and PA or B equal to 0.685 Find the…

A: A and B are mutually exclusive if

Q: (i) Find his expected gain. (ii) How much should he pay to play the game if it is to be fair?

A: Two fair coin are tossed so Total 4 outcomes are possible  And outcome on second coin is independent…

Q: An online gambling site offers a first prize of $45,000 and two second prizes of $10,000 each for…

A: Solution-: An online gambling site offers a first prize of $45,000 and two second prizes of $10,000…

Q: You are playing a game where you flip 3 coins, if you get all tails you lose $15, for each heads you…

A: When playing a game with flip 3 coins getting all tails you lose $15 and each heads getting $3.

Q: A company gives each worker a cash bonus every Friday randomly giving a worker an amount with these…

A:

Q: Please help me solve part C.  I keep getting 2/3, but it says I'm incorrect.

A: The possible outcomes of drawing two slips without replacement from the numbers 1 to 4 are:(1, 2),…

Q: friend devises a game that is played by rolling a single six-sided die once. If you roll a 6, he…

A:

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $15 on the number 11…

A: Given Information: The bet amount for number 11= $15 Bet amount for 00,0,1 =$15 The expected value…

Q: A table at a fair is testing out a new game that works as follows: the player rolls two six-sided…

A: we have a new game in a fair of rolling 2 dices if player not getting 6 at first then he will not…

Q: Suppose you are invited to play a game in which you bet $1 on any number from 000 to 299. If your…

A:

Q: An experiment consists of two trials. The outcomes of independent the first trial are A, B, and C,…

A: Given information: An experiment consists of two independent trials. The outcomes of the first trial…

Q: In the Monopoly Millionaires' Club lottery game, you pay $5 and select five different numbers…

A:

Q: A game consists of drawing a marble from a bag containing 2 green, 3 yellow, and 5 red marbles.…

A: The bag contains 2 green, 3 yellow, and 5 red marbles. Color Win Amount Green $10 Yellow $5…

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: A game consists of drawing a marble from a bag containing 2 green, 3 yellow, and 5 red marbles.…

A:

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: 10. She Is pla game his game is this: Ann chooses one card from the deck at random. She wins an…

A: a) There is total 10 cards, which are numbered from 1 to 10.

Q: A charity organization hosts a raffle drawing at a fund raising event. The organization sells 2500…

A: From the given information, Fund raising event as follows: Total number of tickets available =2500…

Q: A certain state lottery game works like this:  A ticket costs $1.  When you buy a ticket, you…

A:

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: If your expected value when playing a $1 game of roulette is −$0.05, then after playing the game 100…

A: In the question it is asked to find the netted amount.

Q: What would the expected value be if tickets were sold for $10 but there were 1000 tickets sold?…

A: To calculate the expected value (EV) for the raffle with the new parameters (tickets sold for $10…

Q: osts $5 to play a carnival booth game in which you toss three fair coins. The game pays you $0 if…

A: Here Given  3 fair coin is tossed  Now for fair coin  Probability of tail =p=0.5 SO  Here…

Q: A fair six-sided die is tossed. You win P5.O if the result is a "3", you win P10.0 if the result is…

A: Please see the handwritten solution

Q: Choose a card from a standard deck of 52 playing cards. If you choose a 2 through 10, you will get…

A: Given information:  Total number of cards = 52 Winning amount on choosing a Jack, Queen or King =…

Q: Find the expected value of the psychic's profit by filling in the boxes below with you answers. Use…

A: Reviewing information, PBoy=0.51P(Girl)=0.49Cost=$20If psychic is wrong, he has to pay back $20

Q: At roulette, there are 38 slots. Of these, 18 are red. Red pays even money. So, if you risk $1 on…

A: Solution

Q: The table below respectively measures a consumer's satisfaction with food stores in a particular…

A: Condition for Independence: Let A and B are two events.  If PA and B=P(A)*P(B), then A and B are…

Q: A person picks 13 cards out of a deck of 52. Let A1 = “he has at least one ace,” H = “he has the ace…

A: Conditional probability is extremely useful when one event is dependent on the other.

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: An experiment consists of two independent trials. The outcomes of the first trial are A, B, and C,…

A: Given problem Given that   An experiment consists of two independent trials. The outcomes of the…

Q: A player tosses two fair coins. He wins $ 5 if 2 heads occur, $ 2 if 1 head occurs and 1 if no head…

A:

Q: 35 3 of making a net profit of $45 and a 38 probability of losing $15. 38 there is a probability of…

A: Here using given probability and net profit finding expected value of bet on 0,00 or 1 Then compare…

Q: Suppose you are invited to play a game in which you bet $1 on any number from 000 to 299. If your…

A: