Let's say you own a slot machine with a 1 out of 86 chance of a 778 prize.What do you need to charge to break even?Hint: what is the expected value?

slot machine has a 1 out of 86 chance . probability of winning p=186 prize amount =778

Answered: Let's say you own a slot machine with a…

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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Let's say you own a slot machine with a 1 out of 86 chance of a 778 prize. What do you need to charge to break even?