Maria has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Maria 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 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 $16 if 7 or 8 is selected. (a) Find the expected value of playing the game. I dollars (b) What can Maria expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Maria can expect to gain money. She can expect to win dollars per selection. O Maria can expect to lose money. She can expect to lose || dollars per selection. O Maria can expect to break even (neither gain nor lose money).
Maria has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Maria 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 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 $16 if 7 or 8 is selected. (a) Find the expected value of playing the game. I dollars (b) What can Maria expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Maria can expect to gain money. She can expect to win dollars per selection. O Maria can expect to lose money. She can expect to lose || dollars per selection. O Maria can expect to break even (neither gain nor lose money).
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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Transcribed Image Text:Maria has a bag with 8 balls numbered 1 through 8. She is playing a game of chance.
This game is this: Maria 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 $16 if 7 or 8 is selected.
(a) Find the expected value of playing the game.
| dollars
(b) What can Maria expect in the long run, after playing the game many times?
(She replaces the ball in the bag each time.)
O Maria can expect to gain money.
She can expect to win | dollars per selection.
O Maria can expect to lose money.
She can expect to lose || dollars per selection.
O Maria can expect to break even (neither gain nor lose money).
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