Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $7. If you roll a 4 or 5, you win $4. Otherwise, you pay $8. 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 P(X) -81 X Table 6 3 b. Find the expected profit. S c. Interpret the expected value. O You will win this much if you play a game. O If you play many games, on average, you will likely win, or lose if negative, close to this amount. O This is the most likely amount of money you will win. (Round to the nearest cent) d. Based on the expected value, should you play this game? O Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost. 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. O Yes, because you can win $7.00 which is greater than the $8.00 that you can lose. 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 $7. If you roll a 4 or 5, you win $4. Otherwise, you pay $8. 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 P(X) -81 X Table 6 3 b. Find the expected profit. S c. Interpret the expected value. O You will win this much if you play a game. O If you play many games, on average, you will likely win, or lose if negative, close to this amount. O This is the most likely amount of money you will win. (Round to the nearest cent) d. Based on the expected value, should you play this game? O Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost. 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. O Yes, because you can win $7.00 which is greater than the $8.00 that you can lose. OYes, since the expected value is positive, you would be very likely to come home with more money if you played many games.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.3: Measures Of Spread
Problem 7PPS
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 6 steps with 7 images
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,