Please show work to understand :) Suppose I bet $1 on red in roulette, and I play 100 times. (a) Write down the box model for net gain. (b) What is the expected value of the net gain and what is the standard error of the net gain? (c) What is the chance I come out ahead (don’t lose any money)?

Please show work to understand :) Suppose I bet $1 on red in roulette, and I play 100 times. (a) Write down the box model for net gain. (b) What is the expected value of the net gain and what is the standard error of the net gain? (c) What is the chance I come out ahead (don’t lose any 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...

See similar textbooks

Related questions

Q: Mrs. Polka started a new game of high stakes in her classes. In a bag she has 10 pieces of paper, 2…

A: We have given that Total piece of paper=10 2 of them 5 bonus points , 3 of them 2 bonus points, 5…

Q: A small organization is renting an outdoor arena for $1,000 and hosting a concert if it is it sunny…

A: Given outdoor arena for $1,000 expect to earn $6,000 Find if it rains the company will lose the $100…

Q: lisa plays a game in which there are only two outcomes. the cost to play the game is 100$. if she…

A: The objective of this question is to calculate the expected value of a single game that Lisa plays.…

Q: Dylan can dunk a basketball. His success rate is 25%. During a pep rally, he was unable to make a…

Q: In a bag there are 8 red balls, and 2 pink balls. You pay 9 dollars to draw 2 balls. If you draw…

A: The number of red balls are 8. The number of pink ball are 2. The number of ball can be drawn are 2.

Q: In a gambling game there is a 15% chance that you will lose 10 dollars, 25% chance that you will…

A: Given Information: There is a 15% chance that you will lose 10 dollars, 25% chance that you will…

Q: Use the equations above to find the missing probability. 13. Event A and Event B are independent a)…

A: 13 a) Given data,P(B)=12P(A and B)=740P(A)=? P(A and B)=P(A)*P(B) 740=P(A)*12P(A)=1440P(A)=720

Q: In a game, you have a 1/43 probability of winning $142 and a 42/43 probability of losing $6. What is…

A: The probability of winning $142 is 1/43 and the probability of losing $6 is 42/43.

Q: Suppose that you and a friend are playing cards and you decide to make a friendly wager. The bet is…

A: There are 52 cards in standard deck. Out of 52 cards 13 are club cards. Two cards are drawn…

Q: Hi, Where does the -0.9975 (5) come from and how is the ending answer: =1.925-4.9875 = -3.06?…

A: The expected value technique in statistical learning can be used to get the estimated return of a…

Q: The P(A) = ? 5/11. P(not A) =? 6/11 Odds in favor of A are?

A: Given that P(A)=5/11, P(not A)=6/11

Q: 5 Tina is a traffic warden. The number of parking tickets she issues per day, from Monday to…

A: Given information: Average number of parking tickets issued by warden = 11.5 per day i) x = 15 By…

Q: lisa plays a game in which there are only two outcomes. the cost to play the game is 100$. if she…

A: Expected value = Probability of winning * won amount - Probability of losing * lose amount Expected…

Q: You are playing a game: When you toss a die and get a 1 or 2, you pay $4 If you get 3, 4, 5, or 6,…

Q: Your probability professor wants to replace the value 4 in the probability distribution in (a) to…

Q: Suppose the probability of snow tomorrow is 0.1 while the probability of IU winning the basketball…

A: P(A and B) = P(both event A occurs and event B occurs) If A and B are two INDEPENDENT events, then…

Q: Carlie is betting on a game in which each bet has an expected value of -$0.56. This implies Carlie…

Q: d) In the long run, what is the probability that the golfer is not putting? (e) The golfer takes…

A: Let P(i) denote the probability that the golfer is practicing their (i)ron game, P(p) denote the…

Q: Your sock drawer has 2 red socks and 4 green socks scattered in it. In a hurry to get to Finite, you…

Q: GMC automobiles come in the following colors and are manufactured in these percentages. White(.46),…

A: The objective of the question is to find the probability that both cars selected at random are…

Q: Suppose that you and a friend are playing cards and you decide to make a friendly wager. The bet is…

A: Given X=29,if diamond appear,otherwise X=-4

Q: #17) On Monday 60% of the stocks on the Nasdaq increased in value. A club owns 20 stocks in the…

Q: In a business why probability is used while finding a method to advertise a product?

A: Probability is a measure of the likeliness of any event. It says about the chances of occurrence of…

Q: In a bag, there are 8 red balls, and 2 pink balls. You pay 5 dollars to draw 2 balls. If you draw…

A: In a bag, there are 8 red balls, and 2 pink balls Total = 10 We also have to pay $5 to play the…

Q: Suppose A and B are mutually exclusive events with P(A) - 0.25 and P(B) = 0.25. Find the following…

A: For Mutually exclusive events, P(A U B) = P(A) + P(B) =0.25 + 0.25 =0.5…

Q: oll a pair of dice 100 times. Keep a record of the sums of the dice. Find the theoretical…

Q: I own a stock in IBM. This week, I estimate that there is a 40% 'chance that my stock will gain…

A: We need to find expected value (Gain or loss)

Q: You have 4 pennies (1¢ each) and 3 nickels (5¢ each) in your pocket. You reach in and blindly grab…

A: From the given information, There are 4 pennies (1 cent) and 3 nickels (5 cents each). Three coins…

Q: A game of chance is being offered where you roll a die 135 times. If the sum of the dice is between…

A: With the assumption that the rolled die is standard and fair in nature, the faces on the die are…

Q: carina is playing a game that costs $10 to play. what is the expected value of this game, taking…

A: Total expectation E(x)=$10 Costa of game to play=$10 Win=$10-$10=$0.

Q: You are given the following data table: Female…

A: Solution-: we have given table: Female Male Uses Social Media 395 291 Doesn't Use Social…

Q: A game has an expected value to you of -$0.50. It costs $2 to play, but if you win, you receive $20…

A: Suppose the random variable x denotes the net amount gained from the game.

Q: Hi! I am needing help with this practice problem. I got the first part, but I am not sure how to get…

A: We first find how many times we are expected to get 1 or 2 or 3 if I spin the spinner 100 times.

Q: (c)Find the probability that more than 6.4% of the individuals in the sample of 115 hold multiple…

A: 6) It is given that p=0.17.

Q: In a game you have a 1/99 probability of winning $500 and a 98/99 probability of losing $30. What is…

A: Formula to find expected value is as follows : E(X) = ∑xP(x)

Q: I'm having trouble with probabilities. To be more specific it starts with the three terms of 1)…

A: In probabilityodds against is given by

Q: 3. A candy company distributes boxes of chocolates with a mixture of creams, toffees, and cordials.…

Q: Suppose the probability of winning the Powerball lottery is 0.2, while the probability of being…

Question

Please show work to understand :)

Suppose I bet $1 on red in roulette, and I play 100 times.

(a) Write down the box model for net gain.

(b) What is the expected value of the net gain and what is the standard error of the net gain?

(c) What is the chance I come out ahead (don’t lose any money)?

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

A charity is selling 500 raffle tickets. One lucky person will win the grand prize of a Hawaiian vacation valued at $7,000. Three (3) people will each win a free health club membership valued at $100. Ten (10) people will each win a $25 gasoline card. a) Calculate the expected winnings. SHOW YOUR WORK! b) How much should the charity charge to buy a raffle ticket? You decide, but explain in words, what this means to a person buying a raffle ticket. What is the expected value?
How many different selections are possible? What is the probability of winning? If you win, what is your net profit? Find the expected value.
One application of the "cover all the numbers" strategy would be to bet $1 on every single number in roulette. (a) Find the results of this strategy. What is the expected value?$ (b) How could you use the expected value of the $1 single-number bet (-$2/38) to answer part (a)?
In a bag there are 8 red balls, and 2 pink balls. You pay 3 dollars to draw 2 balls. If you draw 2 red balls you lose, if you draw a red and pink you win 8 dollars, and if you draw 2 pink you get 90 dollars. Find the expected value of this game and round you answer to the nearest cent.
If our goal was to play roulette so that we can "win it big". What does the expected value of a bet tell us about our chances of winning a large amount of money?
An adventurous aardvark is a card shark and gambler. He offered to let you play in a game with him. To play you must pay him $2. If you pick a spade you win $9 what is the expected value for you if you play this game with the aardvark?
How would you explain the EXPECTED VALUE in gambling, buying an insurance or in our daily life? Please bring an example. Thank you!
Your friend convinces you to play a game where you roll a standard die one time. It costs $5 to play the game. If you roll a 3 or a 4 you win $9. Any other roll wins nothing. 4. Find the expected value of this game.
Does this answer look like I calculated correctly. The question is in a certain population of women 4% have had breast CA, 20% are smokers, and 3% are smokers and have had breast CA. A woman is selected at random from the population. What is the probability that she has had breast CA or smokes or both.
Please explain your reasoning
Hi, I'm confused on how to solve this problem. (pic. attached)