In the game of roulette, a player can place a $7 bet on the number 3 and have a$7 paid to play the game and the player is awarded an additional $245. Otherwise, the player is awarded nothing and the casino takes the player's $7. Find theexpected value E(x) to the player for one play of the game. If x is the gain to a player in a game of chance, then E(x) is usually negative. This value gives theaverage amount per game the player can expect to lose.probability of winning. If the metal ball lands on 3, the player gets to keep the38The expected value is $(Round to the nearest cent as needed.)Clear AllCheck AnswerGet More Help-View an ExampleHelp Me Solve This619090°Fato search

Given : The player awarded for winning amount is $245 The probability that player winning the game…

Answered: The expected value is $

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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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

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Evaluation 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,
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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 $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…
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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.

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