17 Suppose an individual plays a gambling game where it is possible to lose $1.00, break even, win $3.00, or win $5.00 each time sheplays.Complete the Statement: In the long run, the player can expect to Blank 1 (win or lose?) Blank 2 (Express your answer in twodecimal places. Do not include the currency symbol for your answers) for playing the game.

Given There are four possible outcome for each game I.E lose $1.00 break even, win $3.00 or win…

Answered: Suppose an individual plays a gambling…

Intermediate Algebra

10th Edition

ISBN:9781285195728

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter2: Equations, Inequalities, And Problem Solving

Section2.3: Equations Involving Decimals And Problem Solving

Problem 65PS

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Suppose an individual plays a gambling game where it is possible to lose $1.00, break even, win $3.00, or win $5.00 each time she plays. Complete the Statement: In the long run, the player can expect to Blank 1 (win or lose?) Blank 2 (Express your answer in two decimal places. Do not include the currency symbol for your answers) for playing the game.
In a gambling game, a woman is paid $9 if she draws a nine or an ace and $12 if she draws a four or a jack from an ordinary deck of 52 playing cards. If she draws any other card, she loses. How much should she pay to play if the game is fair? If the game is fair, the woman should play $ to play. (Type an integer or a decimal. Round to the nearest cent as needed.)
In a gambling game, a woman is paid $5 if she draws a jack, a three, or a six and $6 if she draws a two, an ace, or a ten from an ordinary deck of 52 playing cards. If she draws any other card, she loses. How much should she pay to play if the game is fair? If the game is fair, the woman should play $ to play. (Type an integer or a decimal. Round to the nearest cent as needed.)
Suppose that you and a friend are playing cards and decide to make a bet. If you draw two clubs in succession from a standard deck of 52 cards without replacing the first card, you win $⁢40. Otherwise, you pay your friend $⁢10. If the same bet was made 25 times, how much would you expect to win or lose? Round your answer to the nearest cent, if necessary. Win: Lose:
In a game, a man is paid P300 if he draws a jack or a queen and P500 if he draws a king or an ace from an ordinary deck of 52 playing cards. If he draws any other card, he loses. How much should he pay to play if the game is fair???? Give answers to 2 decimal places.
Suppose that you and a friend are playing cards and decide to make a bet. If your friend draws two spades in succession from a standard deck of 52 cards replacing the first card, you give him $⁢50. Otherwise, he pays you $⁢10. If the same bet was made 30 times, how much would you expect to win or lose? Round your answer to the nearest cent, if necessary.
Suppose you decided to play a gambling game. In order to play the game there is a $1.50 dollar fee to play. If you roll a 1, 2, or 3 you win nothing (i.e., your net profit is $-1.5 dollars). If you roll a 4 or 5, you win $2.50 (i.e., your net profit is $1). If you roll a 6 you win $5.75 (i.e., your net profit is $4.25).a) Use the information described above to constuct a probability distribution table for the random variable xx which represents the net profit of your winnings. Note: Be sure to enter your probabilities as reduced fractions. xx P(x)P(x) (You roll a 1,2,or 3)   (You roll a 1,2, or 3) (You roll a 4 or 5)   (You roll a 4 or 5) (You roll a 6)   (You roll a 6) b) Find the amount you would expect to win or lose each time you played the game. Round your final answer to two decimal places.μ=
Suppose you decided to play a gambling game. In order to play the game there is a $1.50 dollar fee to play. If you roll a 1, 2, or 3 you win nothing (i.e., your net profit is $-1.50). If you roll a 4 or 5, you win $3.50 (i.e., your net profit is $2.00). If you roll a 6 you win $5.00 (i.e., your net profit is $3.50).Use the information described above to construct a probability distribution table for the random variable xx which represents the net profit of your winnings. Note: Be sure to enter your probabilities as reduced fractions. Die Roll xx P(x) Roll a 1, 2, or 3    Roll a 4 or 5    Roll a 6    Find the amount you would expect to win or lose each time you played the game. Round your final answer to two decimal places.μ=
Suppose you decided to play a gambling game. In order to play the game there is a $1.00 dollar fee to play. If you roll a 1, 2, or 3 you win nothing (i.e., your net profit is $-1.00). If you roll a 4 or 5, you win $2.50 (i.e., your net profit is $1.50). If you roll a 6 you win $4.00 (i.e., your net profit is $3.00).Use the information described above to construct a probability distribution table for the random variable xx which represents the net profit of your winnings. Note: Be sure to enter your probabilities as reduced fractions. Die Roll xx P(x)P(x) Roll a 1, 2, or 3    Roll a 4 or 5    Roll a 6    Find the amount you would expect to win or lose each time you played the game. Round your final answer to two decimal places.μ=
You are offered a gamble on the toss of a coin. If the coin shows tails, you lose $100. If the coin shows heads, you win $150. Would you accept it?
Suppose you are playing a simple game that costs you $5 per play, where you draw one cardfrom a well-shuffled deck of 52 cards.• If the card is a spade, you receive $20. (You don’t get the $5 back.)• If it is not, then you do not receive any money. (You don’t get the $5 back.)Let X = the amount of money you have before playing a round of this “game”.Let Y = the amount of money you have after playing a round of this “game”.(a) Compute the conditional expectation of Y given X = $100.(b) You can also use the following variant of the Law of Total Expectation tocompute a conditional expectation:E(Z | X = x) = Summation(E(Z | Ai ∩ X = x)P (Ai | X = x)For this part, let Z = the amount of money you have after playing TWO rounds ofthis “game”. Use the above formula to calculate the conditional expectation of Z givenX = $100. (Note: the cards are well-shuffled again between rounds.)(c) Now suppose you get only $16 for drawing a spade. Compute the conditionalexpectation of Y (not Z) given X =…
Suppose that you and a friend are playing cards and decide to make a bet. If your friend draws two red cards in succession from a standard deck of 52 cards without replacing the first card, you give him $50. Otherwise, he pays you $20. If the same bet was made 15 times, how much would you expect to win or lose? Round your answer to the nearest cent, if necessary. Answer O Win ⒸLose Keypad Keyboard Shortcuts

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