Karen has a bag with 8 balls numbered 1 through 8. She is playing a game of chance.This game is this: Karen 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 isselected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. She loses $13 if 7 or 8 is selected.(a) Find the expected value of playing the game.dollars(b) What can Karen expect in the long run, after playing the game many times?(She replaces the ball in the bag each time.)Karen can expect to gain money.She can expect to win dollars per selection.O Karen can expect to lose money.She can expect to lose dollars per selection.O Karen can expect to break even (neither gain nor lose money).

Given Data: To Find: (a) Expected value (b) what can Karen expect in the long run ,after playing the…

Answered: Karen has a bag with 8 balls numbered 1…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Lisa is playing a game in which she spins a spinner with 6 equal-sized slices numbered 1 through 6. The spinner stops on a numbered slice at random. This game is this: Lisa spins the spinner once. She wins $1 if the spinner stops on the number 1, $4 if the spinner stops on the number 2, $7 if the spinner stops on the number 3, and $10 if the spinner stops on the number 4. She loses $11 if the spinner stops on 5 or 6. (a) Find the expected value of playing the game. | dollars (b) What can Lisa expect in the long run, after playing the game many times? O Lisa can expect to gain money. She can expect to win dollars per spin. O Lisa can expect to lose money. She can expect to lose dollars per spin. O Lisa can expect to break even (neither gain nor lose money).
XYZ company has designed a new lottery scratch-off game. The player is instructed to scratch off one spot: A, B, or C. A can reveal "loser," "win $1," or "win $50." B can reveal "loser" or "take a second chance." C can reveal "loser," or "win $500." On the second chance, the player is instructed to scratch off D or E. D can reveal "loser" or "win $1." E can reveal "loser" or "win $10." The probabilities at A are 0.9, 0.09, and 0.01 respectively. The probabilities at B are 0.8 and 0.2. The probabilities at Care 0.999 and 0.001. The probabilities at D are 0.95 and 0.05. The probabilities at E are 0.5 and 0.5. Calculate the expected value of the game and provide recommendations to a decision-maker
To raise money for the local Veterans Affairs hospital, your friend organizes a fundraiser, inviting you to play a two-stage game where you pay $8 to play. The game works as follows: a fair 8-sided die is rolled, noting the number shown, and a spinner divided into 4 equal regions of different colors (blue, red, green, orange) is spun, noting the color. If the die shows 3 or the spinner shows orange, then you win $21. If the die shows an even number and the spinner does not show orange, then you win $9. Otherwise, you do not win anything. Let X be your net winnings. (a) Create a probability distribution for X. Enter the possible values of X in ascending order from left to right. All probabilities should be exact. X P(X) (b) Compute your expected net winnings for the game. Round your answer to the nearest cent. $ (c) Is this game fair? Yes No
Español Kaitlin is playing a game in which she spins a spinner with 6 equal-sized slices numbered 1 through 6. The spinner stops on a numbered slice at random. This game is this: Kaitlin spins the spinner once. She wins $1 if the spinner stops on the number 1, $3 if the spinner stops on the number 2, $5 if the spinner stops on the number 3, and $7 if the spinner stops on the number 4. She loses $6.50 if the spinner stops on 5 or 6. (If necessary, consult a list of formulas.) 00 (a) Find the expected value of playing the game. | dollars (b) What can Kaitlin expect in the long run, after playing the game many times? O Kaitlin can expect to gain money. She can expect to win dollars per spin. O Kaitlin can expect to lose money. She can expect to lose dollars per spin. O Kaitlin can expect to break even (neither gain nor lose money). Save For Later Submit Assignment Check 2022 McGraw HilL LLC. AlLRiahts Reserved. Terms of Use Privacy Center Accessibility étv 8 MacBook Air DII F9 F10 F11 F7…
The game of American roulette involves spinning a wheel with 38 slots: 18 red, 18 black, and 2 green. A ball is spun onto the wheel and will eventually land in a slot, where each slot has an equal chance of capturing the ball. Gamblers can place bets on red or black. If the ball lands on their color, they double their money. If it lands on another color, they lose their money. Suppose you bet $9 on red. What's the expected value and standard deviation of your winnings?
For Jermaine’s birthday, he can choose his gift from a stack of 4 sealed cards. Each card has one of four possible amounts: $10, $25, $50, and $100, and each amount has an equal probability. He is not allowed to open the card. Complete the table and answer the questions.
Ravi is at the grand opening celebration of a supermarket. He spins a wheel with 10 equal-sized slices, as shown below. The wheel has 2 black slices, 4 grey slices, and 4 white slices. When the wheel is spun, the arrow stops on a slice at random. If the arrow stops on the border of two slices, the wheel is spun again. (a) If the arrow stops on a grey slice, then Ravi wins a gift card. Find the odds against Ravi winning a gift card. 0 (b) If the arrow stops on a grey slice, then Ravi wins a gift card. Find the odds in favor of Ravi winning a gift card. X to
A technology store holds a contest to attract shoppers. works: An ace and four other cards are shuffled and placed face down on a table. The customer gets to turn over cards one at a time, looking for the ace. The person wins $100 of store credit if the ace is the first card, $50 if it is the second card, and $20, $10, or $5 if it is the third, fourth, or last card chosen. What is the average dollar amount of store credit given away in the contest? Estimate with a simulation of 10 trials. Once an hour, someone at checkout is chosen at random to play in the contest Here's how it 67819 00354 91439 91073 49258 15992 41277 75111 67496 68430 09875 08990 27656 15871 23637 00952 97818 64234 50199 05715
Laura has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Laura 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, $6 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. (a) Find the expected value of playing the game. dollars (b) What can Laura expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Laura can expect to gain money. She can expect to win dollars per selection. O Laura can expect to lose money. She can expect to lose dollars per selection. O Laura can expect to break even (neither gain nor lose money). X
Suppose that you and a friend are playing cards and decide to make a bet. If you draw two clubs in succession from a standard deck of 52 cards without replacing the first card, you win $⁢40. Otherwise, you pay your friend $⁢10. If the same bet was made 25 times, how much would you expect to win or lose? Round your answer to the nearest cent, if necessary. Win: Lose:
Jina has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Jina chooses one ball from the bag at random. She wins $1 if the number 1 is selected, $2 if the number 2 is selected, S3 if the number 3 is selected, S4 if the number 4 is selected, and $5 if the number 5 is selected. She loses $5 if 6, 7, or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. | dollars (b) What can Jina expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Jina can expect to gain money. She can expect to win | dollars per selection. O Jina can expect to lose money. She can expect to lose dollars per selection. O Jina can expect to break even (neither gain nor lose money).
A bag contains 16 red coins, 8 blue coins, and 8 green coins. A player wins by pulling a red coin from the bag. Is this game fair?

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