Suppose 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 standard deck. If both cards are clubs, your friend will pay you $659. Otherwise, you have to pay your friend $40$. 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.

Q: The odds of losing is the ratio of the number of unsuccessful outcomes to the number of successful…

A: Given:The odds of event occurring is 1:2.Thus, it implies:Number of events will occur=1Number of…

Q: You and your friends decide to play a game. You are rolling a die. If you roll a 6, you win $5. If…

A: The outcomes of rolling a die are {1, 2, 3, 4, 5, 6}.

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: From the provided information, the total number of tickets they will sell = 700. So,

Q: In a suppose business transaction, Juan is expected to gain P150,000 with probability of 0.70 or…

A: Given, In a business transaction,  Juan gain P150,000 The probability of gain is p=0.70   Juan loss…

Q: At a local fair, a raffle is being held. There were 1,067 tickets were sold for $10 each. There is…

A:

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Expected value: The expected value of a random variable is the sum of the possible values that the…

Q: The local team is competing for the league championship. The house odds Las Vegas gives them are (a)…

A: The odds in favor of event A is P(A)/(1 - P(A)).

Q: How much profit should you make on a $14 bet if the payoff odds are

A: Let x be the profit.  The profit is obtained by multiplying bet amount with payoffs odd.  That is,…

Q: 3. Given the odds, find the probability. If you know the odds, you can find the probability by…

A: odd of A=5/2=2.5

Q: Suppose that you and a friend are playing cards and you decide to make a friendly wager. The bet is…

A: There are 52 cards in standard deck. Out of 52 cards 13 are club cards.   Two cards are drawn…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: The probability of a sale is 0.50. What are the odds in favor of a sale?

A: The complement of any event is the elements which are not in that event. Then, the probability of no…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given information- We have given that the student council is hosting a drawing to raise money for…

Q: how much will he be spending on average in the long run?

A: Kyle wants to buy packs of gaming cards until he gets a certain card he wants, but he has only…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: From the given information we want to find expected value of profit.

Q: Suppose you play a game where you toss three fair coins. If you get three tails, you win $10.…

A: Probability of getting a tail while tossing a coin is 1/2 So, if 3 coins will be tossed then the…

Q: The chances of winning are often written in terms of odds rather than probabilities. The odds of…

A: Total number of cards = 52 Number of 7 of clubs = 1 If a random card is selected, the possible…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given that, The student council is hosting a drawing to raise money for scholarships. They are…

Q: Marlon is going to roll a six-sided die, and if he rolls a 3, he gets $10. It costs him $2 to enter…

A: Random variables are of 2 types, discrete and continuous. A discrete random variable can only take…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: You are bidding for an antique trombone in a sealed bid auction. All of your bids must be in…

A: The objective is to determine the number that represents the difference between the amount of…

Q: utcome is 00, 0, or 1, there is a probability of 38 of making a net profit of $60 and a 38…

A: Given playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: 3.) CHALLENGE: You discover a piece of art that you believe may be an original de Kooning, with 10%…

A: The expected price of the art piece is $17.2mm   Expectation of a random variable is sum of the…

Q: In gambling, the chances of winning are often written in terms of odds rather than probabilities.…

A: Answer:- Given , A card is picked at random from a standard deck of 52 playing cards.  We know that,…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: We have to find expected value.

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: 2. In a game, you have to roll a six-sided die and flip a coin. What is the probability of getting a…

A: In a game, six-sided die and coin was flipped. When flipping a coin, the outcomes are (Head, Tail).…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A:

Q: Suppose that you and a friend are playing cards and you decide to make a friendly wager. The bet is…

A: Probability of both cards are clubs:

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given information- We have given that the student council is hosting a drawing to raise money for…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given that, Sell 600 tickets, $7 for each One $2000 grand prize Three $400 grand prize Twelve $10…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given, selling tickets for $7  Number of tickets sold for each = 600

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given, Total tickets =800 Given data can be represented as below table. Cost of Ticket Prize…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: There are 700 tickets, where price of each ticket is $6.

Q: the student council is hosting a drawing to raise money for scholarships. they are selling tickets…

A: Given information- No. of lottery ticket sold = 500 Price of a lottery ticket = $8 The prizes are:…

Q: SportBet lists the odds against the Lakers winning their next game as 5:2. Joe bets $10 with Sport…

A: Given: The odds against the lakers winning their next game is 5:2. Joe bets $10.

Q: It costs $6.75 to play a very simple game, in which a dealer gives you one card from a deck of 52…

A: The cost of the game is $6.75.

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: The cost of a single ticket is $5. Total tickets are 500.