Answered: What is the expected value of your net…

Name: The following game is played in a particular carnival tent. You pay $1
Uploaded: 2024-03-20T07:07:26.000Z
Channel: Bartleby
Description: The following game is played in a particular carnival tent. You pay $1 to draw blindly 3 balls from a box without replacement. The box contains 10 balls and 4 of those balls are gold-colored. You get back your original $1 stake if you draw exactly 2

Math

Probability

What is the expected value of your net winnings?

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

A bag contains 1 gold marbles, 6 silver marbles, and 21 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $4. If it is silver, you win $3. If it is black, you lose $1. What is your expected value if you play this game?
Brandon is setting up his own carnival game. His plan is to make sure that the game has a negative expected value, because that will be the most beneficial for his own profit. He decides to set the following rules. You pay $10 to play, and then you get to throw one dart at a dartboard. The dartboard is broken up into 8 equally sized sections. 3 of the sections are red. 4 of the sections are blue. 1 of the sections is green. If your dart hits the green section, Brandon hands you $30. If your dart hits any of the red sections, he gives you $15. If your dart hits any of the blue sections, you win nothing. What is the expected value for one turn? (Just write the number rounded to the nearest thousandths without the dollar sign. ie. 0.123 or -0.123)
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.)
Two coins are flipped. You win $1 if either 2 heads or 2 tails turn up, and you lose $3 if a head and a tail turn up. What is the expected value of the game?
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
Previously, De Anza's statistics students estimated that the amount of change daytime statistics students carry is exponentially distributed with a mean of $0.88. Suppose that we randomly pick 25 daytime statistics students. Find the probability that an individual had between $0.80 and $1.00. Graph the situation, and shade in the area to be determined.
When playing roulette at a casino, a gambler is trying to decide whether to bet $15 on the number 25 or to bet $15 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler knows that the expected value of the $15 bet for a single number is - $1.58. For the $15 bet that the outcome 5 is 00, 0, 1, 2, or 3, there is a probability of 38 33 of making a net profit of $75 and a 38 probability of losing $15. a. Find the expected value for the $15 bet that the outcome is 00, 0, 1, 2, or 3. b. Which bet is better: a $15 bet on the number 25 or a $15 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3? Why? a. The expected value is $. (Round to the nearest cent as needed.) b. Since the expected value of the bet on the number 25 is V than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3, the bet on is better.
A player pays 4 to play the following game The player tosses three fair coins and receives payoifs of 1 if he tosses no heads, 2 for one head, 3 for two heads, and 5 for three heads. What is the player's expected net winnings (or loss) for the game?
There are 20 chips in a bag. 10 are blue, 5 are red, 4 are green, and 1 is gold. If you pick the gold chip, you win $12. If you pick a green chip you win $5. If you pick a red chip, you win $4. If you pick a blue chip, you lose $10. Find your expectation for this game.
One option in a roulette is to bet $2 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 $2 you paid the game and you are awarded $2. If the ball lands eleswhere, you are awarded nothing and the $2 that you bet is collected. What is the expected value for playing roulette if you bet $2 on red?
An exclusive raffle is being held where only 7 tickets are available. The raffle is free to enter. If you choose to play, you could win $7 or lose $3. Three tickets are winning tickets and you will win $7 if your ticket is drawn. Four tickets are losing tickets where you must pay $3 if your ticket is drawn. What is the expected return if you enter the raffle?
In the Illinois pick 3 lottery game, you pay 50 cents to select a sequence of 3 digits, such as 314. If you select the same sequence of three digits that are drawn by the organizer, then you win and collect 250$. Show all of your steps for all of the following problems: 1. How many different selections are possible and what is the probability of winning? 2. If you win, what is your net profit? if you do not win, what is your net profit? 3. Let X be the random variable representing your net profit. determine the possible values that X can take on, and the probability of each: write in distribution Table 4. Find your expected winnings-that is, find the expected value of X.