What are the expected value and variance of your profit
Q: Find the variance and the standard deviation of the given probability distributions. Complete the…
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Q: a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round…
A: Solution: Note: Since its saying 'X' represents profit from smallest to largest, so i am considering…
Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: As given, if you roll a six-sided die and roll 6 then you will win $11. if you roll 4 or 5 then you…
Q: ppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win…
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Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
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Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: It is given that the a 6-sided die is rolled. If the die rolls 6, then win $17, if the die rolls a 4…
Q: A statistics professor plans classes so carefully that the lengths of her classes are uniformly…
A: Obtain the probability of selecting a class that runs between 50.75 and 51.25 minutes. The…
Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: Probability of rolling 6 P(6)= 1/6 Probability of rolling 4 or 5 = P(4 U 5)= P(4)+P(5)-P(4)*P(5) =…
Q: Averaged over all games and all bets placed, the house edge of a particular casino is $0.03 per…
A: The house edge of a particular casino is $0.03/dollar.
Q: You are playing a game with a friend. Your friend says he will pay you $5 for each 3 you roll on a…
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Q: You Foll six sided die. If you roll a 6, you win $7. If you roll a 4 or 5, you win $3. Otherwise,…
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Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: The question is about expected value and probability.Given :Winning amount if roll a 6 = $16Winning…
Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: Given Information: If you roll a 6, you win $15. If you roll a 2, 3, 4 or 5, you win $4. Otherwise,…
Q: Decide whether the following statement makes sense (or is clearly true) or does not make sense (or…
A: In this context, a negative expected value implies that, averaged over many tickets, you should…
Q: There would be an expected (Type an integer or a decimal.) of dollars.
A: Amount invested in bonds =$13000 Given the probabilit distribution of the gain or loose To…
Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: You roll a six sided die. If you roll a 6, you win $6. If you roll a 3, 4 or 5, you win $5.…
Q: If A and Bare events which are conditionally independent given a third event C, which of the…
A: A and B are conditionally independent given a third event C. So, P(A∩B|C) = P(A|C)P(B|C) Let us see…
Q: A 38-year-old woman purchases a $300,000 term life insurance policy for an annual payment of $490.…
A: Given Information: A 38-year-old woman purchases a $300,000 term life insurance policy for an annual…
Q: oll a 2, 3, 4 or 5, you win $5. Otherwise, you pay $9. . Complete the PDF Table. List the X values,…
A: From the given information we find the solution.
Q: Refer to the table to find the missing probability and then find the expected value. Outcome value,…
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Q: You however were granted custody of your prized D6 - as you like to rolling a given number is…
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Q: An insurance company expects 8% of its policyholders to collect claims of $1000 this year and the…
A: The objective of the question is to calculate the expected value of the amount the insurance company…
Q: A church opens at 8:00am on Sunday. The number of visitors entering the church in a minute follows a…
A: Given: The number of visitors entering the church in a minute follows a Poisson distribution with…
Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: Note: Hi there! Thank you for posting the question. As there are multiple sub parts, according to…
Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: a. The PDF table is completed as follows: X P(X) -6 0.5 5 0.3333 16 0.1667
Q: According to survival probability tables, the probability that an 80 year old male living 1…
A: The probability that an 80 year old male living 1 additional year is 0.93, then the probability that…
Q: A congressional committee is investigating a defense contractor whose projects often incur cost…
A: Given Information: C -20% -10% 0% 10% 20% 30% 40% 50% y 0.01 0.08 0.19 0.32 0.50 0.80 0.94 0.99…
Q: Jim likes to day-trade on the Internet. On a good day, he averages a $1400 gain. On a bad day, he…
A: Answer On a good day, he averages a 1400 gainOn a bad day, he averages a 700 loss.he has a good days…
Q: Using the linear probability model, estimate the probability of a loan being approved when the Down…
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Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: Given : The price or 17 dollar is awarded if the die is roll to 6 The price of 4 dollar is awarded…
Q: A 40-year-old man in the U.S. has a 0.247% risk of dying during the next year. An insurance company…
A: Given information- We have given that a 40-year-old man in the IS has a 0.247% risk of dying during…
Q: 1. A company is manufacturing blue jeans at a cost of $9.99 per pair. They plan to put a price tag…
A: The question has wrong number of zeroes in total pairs of jeans and in gross income of 15 million…
Q: Mr. and Mrs. Trump have applied to the Trustworthy Insurance Co. for insurance on Mrs. Trump's…
A: Answer:- Given, The tiara is valued at $97,000. Trustworthy estimates that the jewelry has a 2.6%…
Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: Disclaimer: Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: We are interested in analyzing data related to college football. Use S to denote the team is in the…
A: Given information- We have given that the probability of team is in the S = 5.5% So, the probability…
Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: f $35.1 million. The probability of winning the grand prize is .000000043. Determine the expected…
A: A lottery ticket has a grand prize of $35.1 million. The probability of winning the grand prize is…
Q: A 31-year-old woman purchases a $100,000 term life insurance policy for an annual payment of $410.…
A: Given, The probability that she will survive the year is 0.999056. The probability that she will not…
Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: Given, Let X be the profit.
Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
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Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: Given : X~ profit from smallest to largest 16$ Win if 6 comes 1$ win if 4 or 5 comes Loose $2 if…
Q: Mr. and Mrs. Trump have applied to the Trustworthy Insurance Co. for insurance on Mrs. Trump's…
A: Given Value=$95500 Trustworthy estimates that the jewelry has a 2.7% chance of being stolen in any…
Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
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Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…
A: The outcomes of the six sided die is {1, 2, 3, 4, 5, 6} The probability of getting a number is…
Neighborhood Insurance sells fire insurance policies to local homeowners. The premium is $150, the
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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 $9. If you roll a 2, 3, 4 or 5, you win $2. 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. Probability Distribution Table 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. OIf you play many games you will likely win on average very close to $1.83 per game. You will win this much if you play a game. d. Based on the expected value, should you play this game? Yes, because you can win $9.00 which is greater than the $6.00 that you can lose. Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. No, this is a gambling game and it is always a bad idea to gamble. No, since the expected value is negative, you…Please answer the question asked in the photo attached.Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $18. If you roll a 4 or 5, you win $4. Otherwise, you pay $5.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. If you play many games you will likely win on average very close to $1.83 per game. You will win this much if you play a game.
- An investor recorded the following annual returns of one of his investments. You are required to calculate and comment on; Mean return. Variance and standard deviation of the return. Geometric return. Year 2016 2017 2018 2019 2020 Return 15% 17% 19% 10% -5%Grab Bags A convenience store has made up 20 grab bag gifts and is offering them for $2.00 a bag. Ten bags contain merchandise worth $1.00. Six bags contain merchandise worth $2.00, and four bags contain merchandise worth $3.00. Suppose you purchase one bag. What is your expected gain or loss?Create different portfolios with weights (weightS&P, weightBond) where weightBond = 1 weightS&P. Let weightS&P equal 0%, 10%, 20%, 100%. Calculate the average return and the standard deviation for each of the eleven portfolios. Which of the following portfolio has the lowest risk (as measured by the standard deviation) ? The portfolio with 0% weight in the S&P500. The portfolio with 20% weight in the S&P500. The portfolio with 40% weight in the S&P500. The portfolio with 60% weight in the S&P500.
- You are deciding to launch your own jewelry line. After researching the market, you predict you have a 37% chance of earning $5,200, a 28% chance of breaking even, and a 35% chance of losing $3,800. Calculate the expected value. Is this a good investment? Explain.Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $17. 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. Probability Distribution Table P(X) nd b. Find the expected profit. (Round to the nearest cent) c. Interpret the expected value. Of you play many games you will likely win on average very close to $3.33 per game. O You will win this much if you play a game. O This is the most likely amount of money you will win. or d. Based on the expected value, should you play this game? O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O Yes, since the expected value is 0, youvould 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, since the expected…Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $7. If you roll a 4 or 5, you win $2. Otherwise, you pay $8.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. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent)c. Interpret the expected value. If you play many games you will likely lose on average very close to $2.17 per game. You will win this much if you play a game. This is the most likely amount of money you will win. d. Based on the expected value, should you play this game? No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. Yes, since the expected value is 0, you would be…
- Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $9. If you roll a 3, 4 or 5, you win $2. Otherwise, you pay $3.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. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent)c. Interpret the expected value. You will win this much if you play a game. If you play many games, on average, you will likely win, or lose if negative, close to this amount. This is the most likely amount of money you will win. d. Based on the expected value, should you play this game? No, this is a gambling game and it is always a bad idea to gamble. Yes, because you can win $9.00 which is greater than the $3.00 that you can lose. No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Yes,…Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $7. If you roll a 2, 3, 4 or 5, you win $3. Otherwise, you pay $10.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. Probability Distribution Table 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. If you play many games you will likely win on average very close to $1.50 per game. You will win this much if you play a game. d. Based on the expected value, should you play this game? No, this is a gambling game and it is always a bad idea to gamble. Yes, because you can win $7.00 which is greater than the $10.00 that you can lose. 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…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…
