The world famous gambler from Philadelphia, Señor Rick, proposes the following game of chance: You roll a fair die. If you roll a 1, then Señor Rick pays you $20. If you roll a 2, Señor Rick pays you $7. If you roll a 3, you win nothing. If you roll a 4 or a 5, you must pay Señor Rick $7, and if you roll a 6, you must pay Señor Rick $10. Is Señor Rick loco for proposing such a game? Explai

The world famous gambler from Philadelphia, Señor Rick, proposes the following game of chance: You roll a fair die. If you roll a 1, then Señor Rick pays you $20. If you roll a 2, Señor Rick pays you $7. If you roll a 3, you win nothing. If you roll a 4 or a 5, you must pay Señor Rick $7, and if you roll a 6, you must pay Señor Rick $10. Is Señor Rick loco for proposing such a game? Explai

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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XYZ company has designed a new lottery scratch-off game. The player is instructed to scratch off one spot: A, B, or C. A can reveal "loser," "win $1," or "win $50." B can reveal "loser" or "take a second chance." C can reveal "loser," or "win $500." On the second chance, the player is instructed to scratch off D or E. D can reveal "loser" or "win $1." E can reveal "loser" or "win $10." The probabilities at A are 0.9, 0.09, and 0.01 respectively. The probabilities at B are 0.8 and 0.2. The probabilities at Care 0.999 and 0.001. The probabilities at D are 0.95 and 0.05. The probabilities at E are 0.5 and 0.5. Calculate the expected value of the game and provide recommendations to a decision-maker
the carnival has come to town, and lucky louie has once again set up his pavilion. He offers a simple game consisting of rolling two normal six-sided dice at the same time for the extraordinarily low price of $3.00 per play. If the player rolls a sum of 3, the player wins $13.00; if the sum is a 9, the player wins $9.00; and if the sum is a 12, the player wins $12.00. Otherwise, the player does not win anything. How much should you expect to win or lose per game (after paying the $3.00) ?
In the casino game of American roulette, the wheel is divided into 38 compartments numbered 1 through 36, 0, and 00. One-half of the numbers 1 through 36 are red, the other half black, and 0 and 00 are green. Of the many types of bets that may be placed, one type involves betting on the outcome of the color of the winning number. For example, one may place a certain sum of money on red. If the winning number is red, one wins an amount equal to the bet placed and the amount of the bet is returned; otherwise, one loses the amount of the bet.If a player placed a $95 bet on red and a $95 bet on black in a single play in American roulette, what would be the expected value of his winnings? (Round your answer to the nearest cent.)$
A pair of fair dice is rolled onoe, Suppose that you lose $7 if the dice sum to 5 and win $8 if the dice sum to 11 or 12. How much should you win or lose if any other number tums up in order for the game to be fair? To keep the game fair, you should (Do not round until the final answer. Then round to the nearest cent as needed.) if the dice sum to any other number
Laura has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Laura chooses one ball from the bag at random. She wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is selected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. She loses $14 if 7 or 8 is selected. (a) Find the expected value of playing the game. dollars (b) What can Laura expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Laura can expect to gain money. She can expect to win dollars per selection. O Laura can expect to lose money. She can expect to lose dollars per selection. O Laura can expect to break even (neither gain nor lose money). X
James placed a $25 bet on a red and a $5 bet on the number 33 (which is black) on a standard 00 roulette wheel. -if the ball lands in a red space, he wins $25 on his 'red' but loses $5 on his '33' bet - so he wins $20 -if the ball lands the number 33, he loses $25 on his 'red' bet but wins $175 on his '33' bet: He wins $150 -if the ball lands on a spae that isn't red and isnt 33 he loses both bets, so he loses $30 So for each spin; he either wins $150, wins $20, or loses $30 -probability that he wins $150 is 1/38 or .0263 -probability that he wins $20 is 18/38 or .4737 -probability that he loses $30 is 19/38 or .5000 let X = the profit that james makes on the next spin x P (X=x) x*P(X=x) x^2*P(X=x) 150 .0263 3.945 591.75 20 .4737 9.474 189.48 -30 .5000 -15.000 450.00 sum (sigma) 1.000 -1.581 1231.23 u (expected value)= -$1.581 variance = 1228.73044 standard deviation = 35.053 FILL IN THE BLANK if you play 2500 times, and Let, x (x bar)= the mean winnings (or…
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?
Jina has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Jina chooses one ball from the bag at random. She wins $1 if the number 1 is selected, $2 if the number 2 is selected, S3 if the number 3 is selected, S4 if the number 4 is selected, and $5 if the number 5 is selected. She loses $5 if 6, 7, or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. | dollars (b) What can Jina expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Jina can expect to gain money. She can expect to win | dollars per selection. O Jina can expect to lose money. She can expect to lose dollars per selection. O Jina can expect to break even (neither gain nor lose money).
After the quarter finals of the Rugby World cup, when offering you to bet on the winner, a friend of yours states that the odds for South Africa, new Zealand, England, Argentina, to be crowned World Champion are respectively: 5-6,5-4, 12-1, 40-1. Given these odds, who can take advantage of the other? a. You b. No one O c. Your friend
Emma and Eddie both want to choose their family's dinner entrée. Emma prefers burgers, and Eddie would like to order pizza. To determine who gets to pick, their dad suggests rolling a pair of fair dice. If the sum of the dice is 4 or 10, then Emma will pick dinner. If the sum is 2, 3, 11, or 12, then Eddie will pick dinner. They will roll the dice again if any other number is rolled. Is this a fair way to decide? Explain.(Hint: There are 21 total possibilities when rolling a pair of dice.) a No, it is not fair because there is a higher probability of rolling 2, 3, 11, or 12, so Eddie will most likely choose dinner. b Yes, it is fair because both Emma and Eddie have an equal probability of choosing dinner. c No, it is not fair because there is a higher probability of rolling 4 or 10, so Emma will most likely choose dinner. d No, it is not fair because there is a greater probability that they will roll a number other than 4, 10, 2, 3, 11, or 12.
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.)
2. Two people have different opinions on the Tennessee and Florida game to be played tonight. One person supports Tennessee and is willing to offer 11 to 10 odds; the other person supports Florida and is willing to offer 5 to 3 odds. Go through the analysis to determine how much to bet with each person. If Heili has $100 to invest, how much is she assured of earning?