Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $11. If you roll a 2, 3, 4 or 5, you win $2. Otherwise, you pay $6. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) 2 1/6 11 2/3 -5 1/6 b. Find the expected profit. $6.83 Round to the nearest cent) Enter an integer or decimal number [more..] c. Interpret the expected value. Olf you play many games, on average, you will likely win, or lose if negative, close to this amount. OThis is the most likely amount of money you will win. You will win this much if you play a game. d. Based on the expected value, should you play this game? ONo, since the expected value is negative, you would be very likely to come home with less money if you played many games. ONo, this is a gambling game and it is always a bad idea to gamble. OYes, since the expected value is positive, you would be very likely to come home with more money if you played many games.
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $11. If you roll a 2, 3, 4 or 5, you win $2. Otherwise, you pay $6. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) 2 1/6 11 2/3 -5 1/6 b. Find the expected profit. $6.83 Round to the nearest cent) Enter an integer or decimal number [more..] c. Interpret the expected value. Olf you play many games, on average, you will likely win, or lose if negative, close to this amount. OThis is the most likely amount of money you will win. You will win this much if you play a game. d. Based on the expected value, should you play this game? ONo, since the expected value is negative, you would be very likely to come home with less money if you played many games. ONo, this is a gambling game and it is always a bad idea to gamble. OYes, since the expected value is positive, you would be very likely to come home with more money if you played many games.
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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![Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win
$11. If you roll a 2, 3, 4 or 5, you win $2. Otherwise, you pay $6.
a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest.
Round to 4 decimal places where appropriate.
Probability
Distribution
Table
X
P(X)
2
1/6
11
2/3
-5
1/6
b. Find the expected profit. $6.83
Round to the nearest cent)
Enter an integer or decimal number [more..]
c. Interpret the expected value.
Olf you play many games, on average, you will likely win, or lose if negative, close to this
amount.
OThis is the most likely amount of money you will win.
You will win this much if you play a game.
d. Based on the expected value, should you play this game?
ONo, since the expected value is negative, you would be very likely to come home with less
money if you played many games.
ONo, this is a gambling game and it is always a bad idea to gamble.
OYes, since the expected value is positive, you would be very likely to come home with more
money if you played many games.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0a03b973-a1e8-4fa5-abf5-3290ec77a698%2F355ef45d-e897-4888-9a25-88ff3f02b6b0%2Fw6xmi3_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win
$11. If you roll a 2, 3, 4 or 5, you win $2. Otherwise, you pay $6.
a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest.
Round to 4 decimal places where appropriate.
Probability
Distribution
Table
X
P(X)
2
1/6
11
2/3
-5
1/6
b. Find the expected profit. $6.83
Round to the nearest cent)
Enter an integer or decimal number [more..]
c. Interpret the expected value.
Olf you play many games, on average, you will likely win, or lose if negative, close to this
amount.
OThis is the most likely amount of money you will win.
You will win this much if you play a game.
d. Based on the expected value, should you play this game?
ONo, since the expected value is negative, you would be very likely to come home with less
money if you played many games.
ONo, this is a gambling game and it is always a bad idea to gamble.
OYes, since the expected value is positive, you would be very likely to come home with more
money if you played many games.
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