Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $15. If you roll a 3, 4 or 5, you win $3. Otherwise, you pay $9. 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 P(X) b. Find the expected profit.S (Round to the nearest cent) c. Interpret the expected value. Oif you play many games you will likely win on average very dose to $1.00 per game. O This is the most likely amount of money you will win. O You will win this much if you play a game. d. Based on the expected value, should you play this game? O Yes, because you can win $15.00 which is greater than the $9.00 that you can lose. O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O No, this is a gambling game and it is always a bad idea to gamble. O No, since the expected value is negative, you would be very likely to come home with less money i 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 $15. If you roll a 3, 4 or 5, you win $3. Otherwise, you pay $9. 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 P(X) b. Find the expected profit.S (Round to the nearest cent) c. Interpret the expected value. Oif you play many games you will likely win on average very dose to $1.00 per game. O This is the most likely amount of money you will win. O You will win this much if you play a game. d. Based on the expected value, should you play this game? O Yes, because you can win $15.00 which is greater than the $9.00 that you can lose. O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O No, this is a gambling game and it is always a bad idea to gamble. O No, since the expected value is negative, you would be very likely to come home with less money i 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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Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
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Transcribed Image Text:Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $15. If you
roll a 3, 4 or 5, you win $3. Otherwise, you pay $9.
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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.
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Probability Distribution
Table
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P(X)
b. Find the expected profit. $
(Round to the nearest cent)
c. Interpret the expected value.
O If you play many games you will likely win on average very dose to $1.00 per game.
O This is the most likely amount of money you will win.
O You will win this much if you play a game.
d. Based on the expected value, should you play this game?
O Yes, because you can win $15.00 which is greater than the $9.00 that you can lose.
O Yes, since the expected value is positive, you would be very likely to come home with more money if
you played many games.
O No, this is a gambling game and it is always a bad idea to gamble.
O No, since the expected value is negative, you would be very likely to come home with less money if
you played many games.
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