Problem#5: A player tosses two fair coins. He wins $1 or $2 according as 1 or 2heads appear. On the other hand, he loses $5 if no heads appear. Determine theexpected value E of the game and if it is favorable to the player.

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Answered: Problem#5: A player tosses two fair…

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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A bag contains 2 gold marbles, 9 silver marbles, and 20 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $3. If it is silver, you win $2. If it is black, you lose $1. What is your expected value if you play this game?
Charlie buys a one-year term home insurance policy for $p, that will pay $200,000 in the event of a major catastrophe and $35,000 in the event of a minor catastrophe. Charlie's home has a 0.2% chance of a major catastrophe and a 0.7% of a minor catastrophe during the one year term. What did the insurance company charge Charlie for this policy if the company expected to break even?
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Problem. Two players A and B, having initial amounts of money a and (t-a) dollars, respectively, play a game in which the probability that A wins a round is p and the probability that B wins is q=1-p. Each time A wins, he gets one dollar from B, otherwise he gives B one dollar. What is the probability that A will eventually get all of B's money?

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Problem#5: A player tosses two fair coins. He wins $1 or $2 according as 1 or 2 heads appear. On the other hand, he loses $5 if no heads appear. Determine the expected value E of the game and if it is favorable to the player.