The probability that the New York Yankees will win their baseball game tomorrow is objectively determined to be 0.4. If they win, then tomorrow I will flip a coin to determine a monetary payout that you will receive: if the flip is Heads, you win $0, while if it is Tails, you win $20. If the Yankees do not win, then I will roll a 6-sided die (assume each side is equally likely to be rolled). If the die roll is an even number, you will win $40. If it is an odd number other than 1 (i.e., a 3 or a 5), then you will win $20, and if it is a 1, you will win $0." Fill in the blanks below for the reduced lottery that corresponds to this compound lottery (write in decimals). R = ( , $0; , $20; , $40)

The probability that the New York Yankees will win their baseball game tomorrow is objectively determined to be 0.4. If they win, then tomorrow I will flip a coin to determine a monetary payout that you will receive: if the flip is Heads, you win $0, while if it is Tails, you win $20. If the Yankees do not win, then I will roll a 6-sided die (assume each side is equally likely to be rolled). If the die roll is an even number, you will win $40. If it is an odd number other than 1 (i.e., a 3 or a 5), then you will win $20, and if it is a 1, you will win $0." Fill in the blanks below for the reduced lottery that corresponds to this compound lottery (write in decimals). R = ( , $0; , $20; , $40)

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

Similar questions

For the experiment of rolling an ordinary pair of dice, find the probability that the sum will be 10 or 3. (You may want to use a table showing the sum for each of the 36 equally likely outcomes.) The probability that the sum of the pair of dice is 10 or 3 is (Simplify your answer.)
One option in a roulette game is to bet $20 on red. (There are 18 red compartments, 18 black compartments, and two compartments that are neither red nor black.) If the ball lands on red, you get to keep the $20 you paid to play the game and you are awarded $20. If the ball lands elsewhere, you are awarded nothing and the $20 that you bet is collected. Find the expected payback for this roulette game if you bet $20 on red. The expected payback is $ (Round to the nearest cent as needed.)
A particular gambling game pays 4 to 1 and has a 20% chance to win. Someone will bet $10, 125 times, and keep track of the total amount won or lost. Which of the following boxes will produce the right answers? Check ALL answers that apply. a. 1 ticket labeled $10 and 4 tickets labeled -$10 b. 20 tickets labeled $10 and 80 tickets labeled -$10 c. 20 tickets labeled 1 and 80 tickets labeled 0 d. 1 ticket labeled $40 and 4 tickets labeled -$10 e. 20 tickets labeled $40 and 80 tickets labeled -$10 f. 1 ticket labeled 1 and 4 tickets labeled 0
You purchase a brand new car for $15,000 and insure it. The policy pays 78% of the car's value if there is an issue with the engine or 30% of the car's value if there is an issue with the speaker system. The probability of an issue with the engine is 0.009, and the probability there is an issue with the speaker system is 0.02. The premium for the policy is p. Let X be the insurance company's net gain from this policy. (a) Create a probability distribution for X, using p to represent the premium on the policy. Enter the possible values of X in ascending order from left to right. P(X) (b) Compute the minimum amount the insurance company will charge for this policy. Round your answer to the nearest cent
The St. Petersburg paradox is a coin flip game, where a fair coin is tossed successively, until heads occurs. If the first toss is heads, you win $1. If the first one is tails and the second one is heads, you win $2. If the first heads occurs in the third toss, you win $4 and so forth. The amount of money you win is doubled with each coin flip you survive. In the eighteenth century it was believed that the fair price for participating in such a game would be the expected wealth you gain. Show that the expectation value of the St. Petersburg game is infinite.
You pay $3.50 to play the following game:Each of two fair dice are numbered with 3 on one side, a 2 on two sides, and a 1 on three sides.The dice are rolled once and you are returned the dollar amount corresponding to the sum on thefaces. What is the expected earning from the game?
When playing games of chance like roulette, people often say that a particular outcome is due, implying that one income is more likely because it has not happened in a while. This is fallacy because in these examples of outcome of each trial is: a. independent b. dependent c. subjective d. interrelative
Ladarius is playing a board game. To find the number of spaces to move, he rolls a pair of dice. Use this information to complete problems 5 and 6. 5. What is the probability that Ladarius rolls doubles or a sum of 7? Write your answer as a fraction, as a decimal, and as a percent.
Answer the following. If a die is rolled, find the probabilities. A. Of getting a 4 B. Of getting an even number C. Of getting a number greater than 4
There is a 0.9985 probability that a randomly selected 33 year old male lives through the year. A life insurance company charges $155 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $100,000 as a death benefit. From the perspective of the 33 year old male, what are the monetary values corresponding to the two events of surviving the year and not surviving?
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.)
The Alexander Mackenzie volleyball team is going to play the next five games against Bayview. They will play all 5 games, regardless of the outcome. The odds in favour of Bayview winning any given game is 2:3. What is the probability that the Alex Mac team will win the series (they will win at least three out of the five games)?