Suppose you toss a coin and will win $7 if it comes up heads on the first try. If it comes up tails, you toss again. This time you will receive $14 if it comes up heads. If it comes up tails, toss again. This time you will receive $28 if it is heads and nothing if it comes up tails A.) What is the expectation for this game? Round your answer to the nearest cent B.) If the game costs $8 to play, what is the expectation of this game? Round your answer to the nearest cent. Should you play? Why?

Suppose you toss a coin and will win $7 if it comes up heads on the first try. If it comes up tails, you toss again. This time you will receive $14 if it comes up heads. If it comes up tails, toss again. This time you will receive $28 if it is heads and nothing if it comes up tails A.) What is the expectation for this game? Round your answer to the nearest cent B.) If the game costs $8 to play, what is the expectation of this game? Round your answer to the nearest cent. Should you play? Why?

Name: Suppose you toss a coin and will win $7 if it comes up heads on the fi
Uploaded: 2024-03-20T07:06:41.000Z
Channel: Bartleby
Description: Suppose you toss a coin and will win $7 if it comes up heads on the first try. If it comes up tails, you toss again. This time you will receive $14 if it comes up heads. If it comes up tails, toss again. This time you will receive $28 if it is heads

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...

See similar textbooks

Related questions

Q: A game involves tossing two coins and receiving 70¢ if they are both heads. What is a fair price to…

A: When we toss two coins the sample space is S={HH,HT,TH,TT} n(S)=4 Let E be the event of getting both…

Q: At the Royal Dragon Chinese restaurant a slip in the fortune cookies indicates a dollar amount that…

A: A bag contained 10 fortune cookies out of wish one is to be selected. 7 fortune cookies contain $1…

Q: You are playing a game in which a single die is rolled. If a 2 or a 5 come up, you win $60;…

A: We will make a probability distribution of the winning values outcome 1 2 3 4 5 6…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: From the provided information, the total number of tickets they will sell = 700. So,

Q: At a local fair, a raffle is being held. There were 1,067 tickets were sold for $10 each. There is…

Q: Consider rolling a 6-sided die. The outcome of interest is the number of dots that appears on the…

A: Rolling a 6-sided die, The possible outcomes are 1,2,3,4,5,6Since each of these is equally likely,…

Q: How much profit should you make on a $14 bet if the payoff odds are

A: Let x be the profit. The profit is obtained by multiplying bet amount with payoffs odd. That is,…

Q: (a) Find the expected value of playing the game. dollars (b) What can Alonzo expect in…

Q: You are on a TV show. You have been asked to either play a dice game four times or accept a $50…

A: If 1 or 2 appears you earn -$30 If 3,4 or 5 appears you earn $100 If 6 appears you earn -$50

Q: Suppose you play a game where you toss three fair coins. If you get three tails, you win $10.…

A: Probability of getting a tail while tossing a coin is 1/2 So, if 3 coins will be tossed then the…

Q: A certain game involves tossing 3 fair coins, and it pays 18¢ for 3 heads, 9¢ for 2 heads, and 3¢…

A: Given A certain game involves tossing 3 fair coins, and it pays 18¢ for 3 heads, 9¢ for 2 heads, and…

Q: The two finalists in a tennis tournament are playing for the championship. The winner will receive…

A: Given: Price of winner=60,000 Price of runner=35,000 The objective is to find the expected winnings…

Q: You play a game by drawing a card from a standard deck then replacing the drawn card. If you draw a…

A: If a queen or a king is drawn then the winning amount is Php 500 If a Ace is drawn then the winning…

Q: ou are on a TV show. You have been asked to either play a dice game five times or accept a $150…

A: Expectation of a Random Variable: The expectation of a random variable X, denoted by E(X), is…

Q: Assuming you were lucky enough to win and the pay off odds were 35:1, how much money would you get…

A: Given data: The given odd ratio is 35:1. The meaning of the given odd ratio is that for every $1 we…

Q: Suppose you are playing a simple game that costs you $5 per play, where you draw one cardfrom a…

A: Feel free to ask for further explanations.

Q: The chance of winning Florida's Pick-6 Lotto game is 1 in approximately 23 million. Suppose you buy…

A: Random variables are of 2 types, discrete and continuous. A discrete random variable can only take…

Q: Heather is playing a game of chance in which she rolls a number cube with sides numbered from 1 to…

A: Given Loses value=2.75

Q: Assuming you were lucky enough to win and the pay off odds were 35:1, how much money would you get…

A: Given the pay off odds=35:1 Original bet=$5 35:1=(Net profit):(amount bet)

Q: Suppose you are invited to play a game in which you bet $1 on any number from 000 to 899. If your…

A: There are total numbers from 000 to 899=900 And also given, bet amount when any above number…

Q: The odds against your bet on a basketball game are 5 to 3. If you bet $60 and win, how much money…

A: We have given odds against your bet on a basketball game are 5 to 3

Q: Solve the problems below using the "Tree Diagram" strategy. You are one of the goalkeepers in your…

Q: In the game "Rolling for Rubles", you win $1 for rolling a 1, $2 for a 2 and so on till $6 for…

A: It is given that, We are rolling a Rubbles. The probability of getting the each number is 1/6 The…

Q: In roulette, the numbers from 1 to 36 are evenly distributed between red and black. A player who…

A: In roulette, the numbers from 1 to 36 are evenly distributed between red and black. A player who…

Concept explainers

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.

Topic Video

Question

100%

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!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step 5

Trending now

This is a popular solution!

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Discrete Probability Distributions$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.

Similar questions

The Dice game of “Pig” can be played with the following rules. Roll two six-sided dice. Add the face values together. Choose whether to roll the dice again or pass the dice to your opponent. If you pass, then you get to bank any points earned on your turn. Those points become permanent. If you roll again, then add your result to your previous score, but you run the risk of losing all points earned since your opponent had rolled. Continue to roll as much as you want. However, once a “1” comes up on either die, your score is reduced to 0, leaving you only with points that you have previously "banked." Furthermore, you must pass the dice to your opponent. The first person to 100 points is the winner. When a player rolls two dice, the possible outcomes are as follows: Die #2 Roll Roll a 1 Roll a 2 Roll a 3 Roll a 4 Roll a 5 Roll a 6 Die #1 Roll Roll a 1 0 0 0 0 0 0 Roll a 2 0 4 5 6 7 8 Roll a 3 0 5 6 7 8 9 Roll a 4 0 6 7 8 9 10 Roll a 5 0 7 8 9 10 11 Roll a 6 0 8 9 10…
In roulette, the numbers from 1 to 36 are evenly distributed between red and black. A player who bets $1 on black wins $1 (and gets the $1 bet back) if the ball comes to rest on black; otherwise (if the ball lands on red, 0, or 00), the $1 bet is lost. One option in a roulette game is to bet $8 on red. If the ball lands on red, you get to keep the $8 you paid to play the game, and you are awarded $9. If the ball lands elsewhere, you are awarded nothing, and the $8 that you bet is collected. What is the expected value of the game?
Find the expected payback for a game in which you bet $6 on any number from 0 to 499. If your number comes up, you get $500. The expected payback is $ (Round to the nearest cent as needed.)
Many casinos have a game called the Big Six Money Wheel, which has 54 slots in which are displayed a Joker, the casino logo, and various dollar amounts, as shown in the table at the top of the next column. Players may bet on the Joker, the casino logo, or one or more dollar denominations. The wheel is spun and if the wheel stops on the same place as the player's bet, the player wins that amount for each dollar bet. Denomination Number of slots $40 (Joker) 1 $40 (Casino logo) 1 $20 2 $10 4 $5 7 $2 15 $1 24 If a player bets $4 on the $10 denomination, find the player's expectation. (Round your answer to two decimal places.)
There is a game of chance called "Lightning Dice" at a charity carnival. It costs $2 to play. The player then rolls 4 dice. If the player rolls 3 or more sixes, then the player wins $30. Otherwise, the player wins nothing. How much can you expect to gain or lose if you play this game 68 times?
A friend proposes a gamble to you. You roll 2 fair, six-sided dice, and add up the results of each die to find your total number. If your roll totals a 6 or 8, your friend pays you $30. If you roll any other total, you pay your friend $10. What is your expected payoff from playing this game 100 times?.
If someone were to bet $1 on the second dozen numbers (which pays 2 to 1) in the game of roulette 33 seperate times, what is the chance that they would end up losing money?
A certain game involves tossing 3 fair coins, and it pays 11¢ for 3 heads, 7¢ for 2 heads, and 4e for 1 head. Is 7¢a fair price to pay to play this game? That is, does the 7¢ cost to play make the game fair? .... The 7¢ cost to play a fair price to pay because the expected winnings are (Type an integer or a fraction. Simplify your answer.)