Ivanna has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Ivanna chooses one ball from the bag at random. She wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is selected, S6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. She loses $14 if 7 or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. O dollars (b) What can Ivanna expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Ivanna can expect to gain money. She can expect to win I dollars per selection. Ivanna can expect to lose money. She can expect to lose dollars per selection. Ivanna can expect to break even (neither gain nor lose money).

MATLAB: An Introduction with Applications
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ISBN:9781119256830
Author:Amos Gilat
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Chapter1: Starting With Matlab
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Ivanna has a bag with 8 balls numbered 1 through 8. She is playing a game of chance.
This game is this: Ivanna chooses one ball from the bag at random. She wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if
the number 3 is selected, S6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. She loses $14 if 7 or
8 is selected.
(If necessary, consult a list of formulas.)
(a) Find the expected value of playing the game.
O dollars
(b) What can Ivanna expect in the long run, after playing the game many times?
(She replaces the ball in the bag each time.)
O Ivanna can expect to gain money.
She can expect to win I dollars per selection.
Ivanna can expect to lose money.
She can expect to lose dollars per selection.
Ivanna can expect to break even (neither gain nor lose money).
Transcribed Image Text:Ivanna has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Ivanna chooses one ball from the bag at random. She wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is selected, S6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. She loses $14 if 7 or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. O dollars (b) What can Ivanna expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Ivanna can expect to gain money. She can expect to win I dollars per selection. Ivanna can expect to lose money. She can expect to lose dollars per selection. Ivanna can expect to break even (neither gain nor lose money).
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