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To play a particular gambling machine, you put in $1 for each game. The machine claims a 1 in 4 chance of paying out $4 in any game; otherwise there is zero payout. Thus there are 2 possibilities: win a game you gain a net $3 and if you lose a game you lose a net $1. What is your expected profit (negative if it is a loss) if you play 4 games? {Hint: consider expected gain on 1 game first.} State your answer in dollars, to the nearest cent. Do not include the dollar sign in your answer. Answer:

To play a particular gambling machine, you put in $1 for each game. The machine claims a 1 in 4 chance of paying out $4 in any game; otherwise there is zero payout. Thus there are 2 possibilities: win a game you gain a net $3 and if you lose a game you lose a net $1. What is your expected profit (negative if it is a loss) if you play 4 games? {Hint: consider expected gain on 1 game first.} State your answer in dollars, to the nearest cent. Do not include the dollar sign in your answer. Answer:

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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To play a particular gambling machine, you put in $1 for each game. The machine claims a 1 in 4 chance of paying out $4 in any game; otherwise there is zero payout. Thus there are 2 possibilities: win a game you gain a net $3 and if you lose a game you lose a net $1. What is your expected profit (negative if it is a loss) if you play 4 games? {Hint: consider expected gain on 1 game first.} State your answer in dollars, to the nearest cent. Do not include the dollar sign in your answer. Answer:
Transcribed Image Text:To play a particular gambling machine, you put in $1 for each game. The machine claims a 1 in 4 chance of paying out $4 in any game; otherwise there is zero payout. Thus there are 2 possibilities: win a game you gain a net $3 and if you lose a game you lose a net $1. What is your expected profit (negative if it is a loss) if you play 4 games? {Hint: consider expected gain on 1 game first.} State your answer in dollars, to the nearest cent. Do not include the dollar sign in your answer. Answer:
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