Homework Help is Here – Start Your Trial Now!
Math
Statistics
Suppose that you are offered the following "deal." You roll a die. If you roll a six, you win $12. If you roll a four or five, you win $5. If you roll a one, two, or three, you pay $4. - Part (a) What are you ultimately interested in here (the value of the roll or the money you win)? O the number rolled the amount of winnings O the type of die O the number of times a six is rolled Part (b) In words, define the Random Variable X. ○ the amount of winnings the probability of rolling a four ○ the amount of money made by rolling a six O the amount of numbers that can be rolled - Part (c) List the values that X may take on. 4,5,6 ○ 1, 2, 3, 4, 5, 6 ○ -$4, $5, $12 ○ $4, $5, $12 Part (d) Construct a PDF. (Enter your answers for P(X = x) as fractions. Round your answers for x · P(X = x) to two decimal places.) 6 4 or 5 1, 2, or 3 X P(X = x) x. P(X = x) Part (e) Over the long run of playing this game, what are your expected average winnings per game? (Round your answer to two decimal places.) $ Part (f) Based on numerical values, should you take the deal? ◇ Yes, you should take the deal because the expected value is positive. No, you should not take the deal because the expected value is negative.

Suppose that you are offered the following "deal." You roll a die. If you roll a six, you win $12. If you roll a four or five, you win $5. If you roll a one, two, or three, you pay $4. - Part (a) What are you ultimately interested in here (the value of the roll or the money you win)? O the number rolled the amount of winnings O the type of die O the number of times a six is rolled Part (b) In words, define the Random Variable X. ○ the amount of winnings the probability of rolling a four ○ the amount of money made by rolling a six O the amount of numbers that can be rolled - Part (c) List the values that X may take on. 4,5,6 ○ 1, 2, 3, 4, 5, 6 ○ -$4, $5, $12 ○ $4, $5, $12 Part (d) Construct a PDF. (Enter your answers for P(X = x) as fractions. Round your answers for x · P(X = x) to two decimal places.) 6 4 or 5 1, 2, or 3 X P(X = x) x. P(X = x) Part (e) Over the long run of playing this game, what are your expected average winnings per game? (Round your answer to two decimal places.) $ Part (f) Based on numerical values, should you take the deal? ◇ Yes, you should take the deal because the expected value is positive. No, you should not take the deal because the expected value is negative.

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter2: Equations And Inequalities
Section2.2: Applied Problems
Problem 4E
See similar textbooks
icon
Related questions
Question

please solve this problem step by step and make it quick please

Suppose that you are offered the following "deal." You roll a die. If you roll a six, you win $12. If you roll a four or five, you win $5. If you roll a one, two, or three, you pay $4. - Part (a) What are you ultimately interested in here (the value of the roll or the money you win)? O the number rolled the amount of winnings O the type of die O the number of times a six is rolled Part (b) In words, define the Random Variable X. ○ the amount of winnings the probability of rolling a four ○ the amount of money made by rolling a six O the amount of numbers that can be rolled - Part (c) List the values that X may take on. 4,5,6 ○ 1, 2, 3, 4, 5, 6 ○ -$4, $5, $12 ○ $4, $5, $12 Part (d) Construct a PDF. (Enter your answers for P(X = x) as fractions. Round your answers for x · P(X = x) to two decimal places.) 6 4 or 5 1, 2, or 3 X P(X = x) x. P(X = x) Part (e) Over the long run of playing this game, what are your expected average winnings per game? (Round your answer to two decimal places.) $ Part (f) Based on numerical values, should you take the deal? ◇ Yes, you should take the deal because the expected value is positive. No, you should not take the deal because the expected value is negative.
Transcribed Image Text:Suppose that you are offered the following "deal." You roll a die. If you roll a six, you win $12. If you roll a four or five, you win $5. If you roll a one, two, or three, you pay $4. - Part (a) What are you ultimately interested in here (the value of the roll or the money you win)? O the number rolled the amount of winnings O the type of die O the number of times a six is rolled Part (b) In words, define the Random Variable X. ○ the amount of winnings the probability of rolling a four ○ the amount of money made by rolling a six O the amount of numbers that can be rolled - Part (c) List the values that X may take on. 4,5,6 ○ 1, 2, 3, 4, 5, 6 ○ -$4, $5, $12 ○ $4, $5, $12 Part (d) Construct a PDF. (Enter your answers for P(X = x) as fractions. Round your answers for x · P(X = x) to two decimal places.) 6 4 or 5 1, 2, or 3 X P(X = x) x. P(X = x) Part (e) Over the long run of playing this game, what are your expected average winnings per game? (Round your answer to two decimal places.) $ Part (f) Based on numerical values, should you take the deal? ◇ Yes, you should take the deal because the expected value is positive. No, you should not take the deal because the expected value is negative.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS