Question 14 of 14, Step 1 of 2Suppose that you and a friend are playing cards and you decide to make a friendly wager. The bet is that you will draw two cards without replacement from a standarddeck if both cards are diamonds, your friend will pay you $810. Otherwise, you have to pay your friend $49.Step 1 of 2: What is the expected value of your bet? Round your answer to two decimal places. Losses must be expressed as negative values.Answerwinnens in new window)TablesKeypadKeyboard Shortcuts

Given information is, You will draw a two cards from standard deck without replacement If both cards…

Answered: Question 14 of 14, Step 1 of 2 Suppose…

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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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?
Your friend offers to place a bet with you. He will pay you $2 if your favorite sports team wins the game on Tuesday night. But you will pay him $3 if his team wins. Your team has an 55% chance of winning, whereas his only has a 45% chance. This bet is in your favor. True or False?
In gambling, the chances of winning are often written in terms of odds rather than probabilities. The odds of winning is the ratio of the number of successful outcomes to the number of unsuccessful outcomes. The odds of losing is the ratio of the number of unsuccessful outcomes to the number of successful outcomes. For example, if the number of successful outcomes is 2 and the number of unsuccessful outcomes is 3, the odds of winning are 2:3 (read "2 to 3") or 2 2 (Note: If the odds of winning are the probability of success is 3' 5.) 2 3 The odds of an event occurring are 3:1. Find (a) the probability that the event will occur and (b) the probability that the event will not occur.
A friend proposes a gamble to you. You roll 2 fair, six-sided dice, and add up the results of each die to find your total number. If your roll totals a 6 or 8, your friend pays you $30. If you roll any other total, you pay your friend $10. What is your expected payoff from playing this game 100 times?.
At races, your horse, White Rum, has a probability of 1/20 of coming 1st, 1/10 of coming 2nd and a probability of ¼ in coming 3rd. First place pays $5,000 to the winner, second place $4,000 and third place $1,350. Hence, is it worth entering the race if it costs $1050?
If the probability that the Islanders will beat the Rangers in a game is 81%, what is the probability that the Islanders will win at least three out of five games in a series against the Rangers? Round your answer to the nearest thousandth.
Suppose that you repeatedly roll a pair of fair dice and keep track of the sum. What is the probability that you see a sum of 7 before you see an even sum 3 times? (In particular, you keep track of how many evens you roll, and you want the probability that you roll a 7 before you get to 3 evens.
Chandler offers you the opportunity to play his $2 game where he shuffles four cards and you must pick the correct one. What is the expected profit per person if the prize is a $1.25 coke for the game?Single line text.
Solve c,d

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