Answered: n the Jok

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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The (simplified) probability of losing this bet is 53/54.
If a player bets $25 on the Joker denomination, find the player's expectation. (Round your answer to two decimal places.)

$Many casinos have a game called the Big Six Money Wheel, which consists of 54 slots displaying a Joker, the casino logo, and various dollar amounts. The table below shows the denominations and the number of slots for each: | Denomination | Number of Slots | |-----------------|-----------------| | $40 (Joker) | 1 | | $40 (Casino logo) | 1 | | $20 | 2 | | $10 | 4 | | $5 | 7 | | $2 | 15 | | $1 | 24 | Players may bet on the Joker, the casino logo, or one or more dollar denominations. If the wheel stops at the player's chosen bet, the player wins that amount for each dollar bet. **Step 1** The task is to calculate the probability of winning if a player places a $25 bet on the Joker denomination. - Probability of winning: $ \frac{1}{54} $ **Step 2** Given that the probability of winning is $ \frac{1}{54} $, we need to find the probability of losing this bet. - Probability of losing: $ \frac{53}{54} $ **Step 3** Determine the player's expectation if a $25 bet is placed on the Joker denomination. Use the simplified probability of losing, $ \frac{53}{54} $, and calculate accordingly. Round the answer to two decimal places.$

Transcribed Image Text:Many casinos have a game called the Big Six Money Wheel, which consists of 54 slots displaying a Joker, the casino logo, and various dollar amounts. The table below shows the denominations and the number of slots for each: | Denomination | Number of Slots | |-----------------|-----------------| | $40 (Joker) | 1 | | $40 (Casino logo) | 1 | | $20 | 2 | | $10 | 4 | | $5 | 7 | | $2 | 15 | | $1 | 24 | Players may bet on the Joker, the casino logo, or one or more dollar denominations. If the wheel stops at the player's chosen bet, the player wins that amount for each dollar bet. **Step 1** The task is to calculate the probability of winning if a player places a $25 bet on the Joker denomination. - Probability of winning: $ \frac{1}{54} $ **Step 2** Given that the probability of winning is $ \frac{1}{54} $, we need to find the probability of losing this bet. - Probability of losing: $ \frac{53}{54} $ **Step 3** Determine the player's expectation if a $25 bet is placed on the Joker denomination. Use the simplified probability of losing, $ \frac{53}{54} $, and calculate accordingly. Round the answer to two decimal places.

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