Ricardo is playing a game of chance in which he tosses a dart into a rotating dartboard with 8 equal-sized slices numbered 1 through 8. The dart lands on a numbered slice at random. This game is this: Ricardo tosses the dart once. He wins $1 if the dart lands in slice 1, $2 if the dart lands in slice 2, $ 5 if the dart lands in slice 3, and $8 if the dart lands in slice 4. He loses $2.50 if the dart lands in slices 5, 6, 7, or 8. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. O pesos (b) What can Ricardo expect in the long run, after playing the game many times? O Ricardo can expect to gain money. He can expect to win pesos per toss. O Ricardo can expect to lose money. He can expect to lose || pesos per toss. O Ricardo can expect to break even (neither gain nor lose money).
Ricardo is playing a game of chance in which he tosses a dart into a rotating dartboard with 8 equal-sized slices numbered 1 through 8. The dart lands on a numbered slice at random. This game is this: Ricardo tosses the dart once. He wins $1 if the dart lands in slice 1, $2 if the dart lands in slice 2, $ 5 if the dart lands in slice 3, and $8 if the dart lands in slice 4. He loses $2.50 if the dart lands in slices 5, 6, 7, or 8. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. O pesos (b) What can Ricardo expect in the long run, after playing the game many times? O Ricardo can expect to gain money. He can expect to win pesos per toss. O Ricardo can expect to lose money. He can expect to lose || pesos per toss. O Ricardo can expect to break even (neither gain nor lose 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...
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Transcribed Image Text:Ricardo is playing a game of chance in which he tosses a dart into a rotating dartboard with 8 equal-sized slices numbered 1 through 8. The dart lands on a
numbered slice at random.
This game is this: Ricardo tosses the dart once. He wins $1 if the dart lands in slice 1, $2 if the dart lands in slice 2, $5 if the dart lands in slice 3, and $8 if the
dart lands in slice 4. He loses $2.50 if the dart lands in slices 5, 6, 7, or 8.
(If necessary, consult a list of formulas.)
(a) Find the expected value of playing the game.
pesos
(b) What can Ricardo expect in the long run, after playing the game many times?
O Ricardo can expect to gain money.
He can expect to win
pesos per toss.
O Ricardo can expect to lose money.
He can expect to lose pesos per toss.
O Ricardo can expect to break even (neither gain nor lose money).
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