**Game Show Prizes**On the television game show *Deal or No Deal*, a contestant chooses from among 26 suitcases, each of which contains a dollar amount. Those 26 amounts (in order) are given below.- $0.01- $1- $5- $10- $25- $50- $75- $100- $200- $300- $400- $500- $750- $1,000- $5,000- $10,000- $25,000- $50,000- $75,000- $100,000- $200,000- $300,000- $400,000- $500,000- $750,000- $1,000,000If one of these 26 prizes is selected at random (so that all 26 prizes are equally likely), the expected value of these prize amounts is equal to this mean: **$131,478**.---Note: This list represents the potential prize amounts contained in the suitcases a contestant may choose from, illustrating the game's risk and reward structure. **Educational Website Transcription:**---**Title**: Understanding Expected Values in Probability**Context**: This example discusses the concept of expected values in the context of a probability scenario, which can help students grasp how expectation works in statistics.---**Scenario**: If one of these 26 prizes is selected at random (so that all 26 prizes are equally likely), the expected value of these prize amounts is equal to this mean: $131,478.**Questions**:a. Does this imply that the most probable outcome is that the contestant will win $131,478?- Answer: - The statement indicates whether the most probable outcome is winning exactly $131,478. The checkbox should clarify the correct interpretation.b. Does this imply that the contestant has a 0.5 probability of winning more than $131,478 and a 0.5 probability of winning less than $131,478? Explain.- Answer: - The probability of winning more than $131,478 is ______. - The probability of winning less than $131,478 is ______. - Therefore, a contestant ______ have a 50% chance of winning more or less than this amount.**Task**:- Round your answers to three decimal places, if required.c. Write a sentence interpreting what this expected value means.---**Instructional Note**:Understanding expected value is crucial for analyzing outcomes in probability. This exercise helps clarify that expected value reflects the average result over many trials, rather than implying an outcome from a single trial.---© 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. **Software Version**: 4.24.20.1*By accessing this Question Assistance, you will learn while you earn points based on the Potential Policy set by your instructor.*---(There are no graphs or diagrams associated with this screenshot.)

Name: **Game Show Prizes**On the television game show *Deal or No Deal*, a
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Description: **Game Show Prizes**On the television game show *Deal or No Deal*, a contestant chooses from among 26 suitcases, each of which contains a dollar amount. Those 26 amounts (in order) are given below.- $0.01- $1- $5- $10- $25- $50- $75- $100- $200- $30

Math

Statistics

If one of these 26 prizes is selected at random (so that all 26 prizes are equally likely), the expected value of these prize amounts is equal to this mean: $131,4/8 a. Does this imply that the most probable outcome is that the contestant will win $131,478 , This 9 that the most probable outcome is that the contestant will win $131,478 b. Does this imply that the contestant has a 0.5 probability of winning more than $131,478 and a 0.5 probability of winning less than $131,478 ? Explain. Round your answers to three decimal places, if required. The probability of winning more than $131,478 The probability of winning less than $131,478 is is Thus, a contestant have a 50% chance of winning more than $131,478 and a 50% chance winning less than this amount. c. Write a sentence interpreting what this expected value means.

If one of these 26 prizes is selected at random (so that all 26 prizes are equally likely), the expected value of these prize amounts is equal to this mean: $131,4/8 a. Does this imply that the most probable outcome is that the contestant will win $131,478 , This 9 that the most probable outcome is that the contestant will win $131,478 b. Does this imply that the contestant has a 0.5 probability of winning more than $131,478 and a 0.5 probability of winning less than $131,478 ? Explain. Round your answers to three decimal places, if required. The probability of winning more than $131,478 The probability of winning less than $131,478 is is Thus, a contestant have a 50% chance of winning more than $131,478 and a 50% chance winning less than this amount. c. Write a sentence interpreting what this expected value means.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Concept explainers

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

Topic Video

Question

**Game Show Prizes**

On the television game show *Deal or No Deal*, a contestant chooses from among 26 suitcases, each of which contains a dollar amount. Those 26 amounts (in order) are given below.

- $0.01
- $1
- $5
- $10
- $25
- $50
- $75
- $100
- $200
- $300
- $400
- $500
- $750
- $1,000
- $5,000
- $10,000
- $25,000
- $50,000
- $75,000
- $100,000
- $200,000
- $300,000
- $400,000
- $500,000
- $750,000
- $1,000,000

If one of these 26 prizes is selected at random (so that all 26 prizes are equally likely), the expected value of these prize amounts is equal to this mean: **$131,478**.

---

Note: This list represents the potential prize amounts contained in the suitcases a contestant may choose from, illustrating the game's risk and reward structure.

**Educational Website Transcription:**

---

**Title**: Understanding Expected Values in Probability

**Context**: This example discusses the concept of expected values in the context of a probability scenario, which can help students grasp how expectation works in statistics.

---

**Scenario**:

If one of these 26 prizes is selected at random (so that all 26 prizes are equally likely), the expected value of these prize amounts is equal to this mean: $131,478.

**Questions**:

a. Does this imply that the most probable outcome is that the contestant will win $131,478?

- Answer:
- The statement indicates whether the most probable outcome is winning exactly $131,478. The checkbox should clarify the correct interpretation.

b. Does this imply that the contestant has a 0.5 probability of winning more than $131,478 and a 0.5 probability of winning less than $131,478? Explain.

- Answer:
- The probability of winning more than $131,478 is ______.
- The probability of winning less than $131,478 is ______.
- Therefore, a contestant ______ have a 50% chance of winning more or less than this amount.

**Task**:

- Round your answers to three decimal places, if required.

c. Write a sentence interpreting what this expected value means.

---

**Instructional Note**:

Understanding expected value is crucial for analyzing outcomes in probability. This exercise helps clarify that expected value reflects the average result over many trials, rather than implying an outcome from a single trial.

---

© 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.

**Software Version**: 4.24.20.1

*By accessing this Question Assistance, you will learn while you earn points based on the Potential Policy set by your instructor.*

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