Refer to the following table regarding the game of keno. Outcome Probability 6 winning spots 0.00012898 5 winning spots 0.00309564 4 winning spots 0.02853792 3 winning spots 0.12981955 Fewer than 3 winning spots 0.83841791 (a) Find the expected value of a $1 bet in six-spot keno if three winning spots pays $1 (but you pay $1 to play, so you actually break even), four winning spots pays $4 (but you pay $1 to play, so your profit is $3), five pays $110, and six pays $2,100. (Round your answer to two decimal places.) $ ______ (b) Interpret the expected value. For a large number of plays, you should expect to ________ (gain or lose) about $________ (enter a positive value) for every dollar you bet.

Refer to the following table regarding the game of keno. Outcome Probability 6 winning spots 0.00012898 5 winning spots 0.00309564 4 winning spots 0.02853792 3 winning spots 0.12981955 Fewer than 3 winning spots 0.83841791 (a) Find the expected value of a $1 bet in six-spot keno if three winning spots pays $1 (but you pay $1 to play, so you actually break even), four winning spots pays $4 (but you pay $1 to play, so your profit is $3), five pays $110, and six pays $2,100. (Round your answer to two decimal places.) $ (b) Interpret the expected value. For a large number of plays, you should expect to (gain or lose) about $__ (enter a positive value) for every dollar you bet.

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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Outcome	Probability
6 winning spots	0.00012898
5 winning spots	0.00309564
4 winning spots	0.02853792
3 winning spots	0.12981955
Fewer than 3 winning spots	0.83841791

Similar questions

Refer to the following table regarding the game of keno. Outcome Probability 6 winning spots 0.00012898 5 winning spots 0.00309564 4 winning spots 0.02853792 3 winning spots 0.12981955 Fewer than 3 winning spots 0.83841791 (a) Find the expected value of a $1 bet in six-spot keno if three winning spots pays $1 (but you pay $1 to play, so you actually break even), four winning spots pays $3 (but you pay $1 to play, so your profit is $2), five pays $110, and six pays $2,800. (Round your answer to two decimal places.)$ (b) Interpret the expected value. For a large number of plays, you should expect to lose about $ (enter a positive value) for every dollar you bet.
In a game of one-spot Keno, a card is purchased for $1.00. It allows a player to choose one number from 1 to 80. The dealer then chooses twenty numbers at random from 1 to 80. If the player's number is among the numbers chosen by the dealer then the player is paid $3.00, but does not get to keep the $1.00 paid to play the game. What is the expected value of buying one card?
A fair six-sided die is rolled. The player bets $2on the number 4. If the upper face of the die shows 4 when it comes to a rest, the host pays the player $10(the $2bet is not returned to the player). What is the player’s expected value of playing the game?
In a game, you have 1/33 probability of winning $121.00 and a 32/33 probability of loosing $7.00. What is your expected value?
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Consider the following game of chance. A card is drawn from a standard 52-card deck. A player must pay 6 dollars to play the game, which must be subtracted from the winnings. If a black card is drawn, the player wins 10 dollars; otherwise, they lose their 6 dollars. (a) Calculate the expected value for the game. $ (b) Do you expect to win or to lose? Type win or lose. (c) Calculate the price that would make the game fair. $ Round to the nearest cent as needed.
If a gambling game is played with expected value $0.40, then there is a 40% chance of winning. true false
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