The expected value is $
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- It is estimated that there are 31 deaths for every 10 million people who use airplanes. A company that sells flight insurance provides $100,000 in case of death in a plane crash. A policy can be purchased for $1. Calculate the expected value and thereby determine how much the insurance company can make over the long run for each policy that it sells. POSSIDIE possib The expected value is $ (Round to the nearest cent.) Next Ce ) backspace 98888 & C@ #3 $4 8. 6. 3. { 大Please solve quicklyEvaluation A padjack driver tosses an unbiased coin. He receives 150 pesos if a head appears and he pays 50 pesos if a tail appears. Find the expected value and variance of his gain. Interpret the result. References [1] Jesus Mercado Next Century Mathematics: Statistics and Probability, Phoenix Publishing House,
- How many different selections are possible? What is the probability of winning? If you win, what is your net profit? Find the expected value.Five hundred raffle tickets are sold for $1 each, for a first prize of $200 and two second prizes of $50 each. What is the expected value if you purchase one ticket?You draw and keep a single coin from a bowl that contains 12 pennies, 9 dimes, and 20 quarters. What is the expected value to you?
- An adventurous aardvark is a card shark and gambler. He offered to let you play in a game with him. To play you must pay him $2. If you pick a spade you win $9 what is the expected value for you if you play this game with the aardvark?Suppose you buy 1 ticket for $1 out of a lottery of 400 tickets with only 1 being the winning ticket. The prize for the one winning ticket is $100. What is your expected value in dollar? Round your value to 0.01 dollar. For example, -0.50 means losing half a dollar.Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $12. If you roll a 3, 4 or 5, you win $5. 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. X P(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 $2.50 per game. d. Based on the expected value, should you play this game? 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. No, this is a gambling game and it is always a bad idea to gamble. Yes, since the expected value is positive, you would be very likely to come home with more…
- Part 2) Five hundreds tickets are sold at $ 2 each for a smartphone valued at $ 1000. What is the expected value of the gain if you purchase one ticket?You are offered the following "deal". You roll a die. If you roll a six, you win $10. If you roll a four or a five, you win $5. If you roll a one, two, or three, you pay $6. Complete this table to create a pdf. Then find the expected value of X.