Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $16. Ifyou roll a 4 or 5, you win $3. Otherwise, you pay $5.a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4decimal places where appropriate.Probability DistributionTableXP(X)b. Find the expected profit. $(Round to the nearest cent)c. Interpret the expected value.This is the most likely amount of money you will win.You will win this much if you play a game.If you play many games you will likely win on average very close to $1.17 per game.d. Based on the expected value, should you play this game?No, since the expected value is negative, you would be very likely to come home with less money ifyou played many games.Yes, since the expected value is positive, you would be very likely to come home with more money ifyou played many games.Yes, because you can win $16.00 which is greater than the $5.00 that you can lose.Yes, since the expected value is 0, you would be very likely to come very close to breaking even ifyou played many games, so you might as well have fun at no cost.No, this is a gambling game and it is always a bad idea to gamble.

The question is about expected value and probability.Given :Winning amount if roll a 6 = $16Winning…

Answered: Suppose that you are offered the…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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ony runs a cell phone kiosk in the mall and has 244 potential customers each day. He has a 7 % chance to make a sale to each customer. Use continuity correction to normally approximate the following probabilities.Round to 4 decimal places.a. The probability that he makes AT LEAST 18 sales b. The probability that he makes AT MOST 16 sales
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