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Miguel has a bag with 8 balls numbered 1 through 8. He is playing a game of chance. This game is this: Miguel chooses one ball from the bag at random. He 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. He loses $13 if 7 or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. I| dollars (b) What can Miguel expect in the long run, after playing the game many times? (He replaces the ball in the bag each time.) O Miguel can expect to gain money. He can expect to win dollars per selection. O Miguel can expect to lose money. He can expect to lose dollars per selection. O Miguel can expect to break even (neither gain nor lose money).

Miguel has a bag with 8 balls numbered 1 through 8. He is playing a game of chance. This game is this: Miguel chooses one ball from the bag at random. He 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. He loses $13 if 7 or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. I| dollars (b) What can Miguel expect in the long run, after playing the game many times? (He replaces the ball in the bag each time.) O Miguel can expect to gain money. He can expect to win dollars per selection. O Miguel can expect to lose money. He can expect to lose dollars per selection. O Miguel can expect to break even (neither gain nor lose money).

MATLAB: An Introduction with Applications
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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Miguel has a bag with 8 balls numbered 1 through 8. He is playing a game of chance. This game is this: Miguel chooses one ball from the bag at random. He 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. He loses $13 if 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 Miguel expect in the long run, after playing the game many times? (He replaces the ball in the bag each time.) O Miguel can expect to gain money. He can expect to win dollars per selection. O Miguel can expect to lose money. He can expect to lose dollars per selection. O Miguel can expect to break even (neither gain nor lose money).
Transcribed Image Text:Miguel has a bag with 8 balls numbered 1 through 8. He is playing a game of chance. This game is this: Miguel chooses one ball from the bag at random. He 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. He loses $13 if 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 Miguel expect in the long run, after playing the game many times? (He replaces the ball in the bag each time.) O Miguel can expect to gain money. He can expect to win dollars per selection. O Miguel can expect to lose money. He can expect to lose dollars per selection. O Miguel can expect to break even (neither gain nor lose money).
An ordinary (fair) die is a cube with the numbers 1 through 6 on the sides (represented by painted spots). Imagine that such a die is rolled twice in succession and that the face values of the two rolls are added together. This sum is recorded as the outcome of a single trial of a random experiment. Compute the probability of each of the following events. Event A: The sum is greater than 8. Event B: The sum is divisible by 4. Round your answers to two decimal places. (a) P(A) = || %3D (b) P(B) %3D
Transcribed Image Text:An ordinary (fair) die is a cube with the numbers 1 through 6 on the sides (represented by painted spots). Imagine that such a die is rolled twice in succession and that the face values of the two rolls are added together. This sum is recorded as the outcome of a single trial of a random experiment. Compute the probability of each of the following events. Event A: The sum is greater than 8. Event B: The sum is divisible by 4. Round your answers to two decimal places. (a) P(A) = || %3D (b) P(B) %3D
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