The most popular game at the Whoville Resort and Casino (WRC) is "Pick Green", whichis played with the WRC's Great Urn of Joy. This urn contains thousands of marbles: 85%red and 15% green. The game costs $1 to play and the rules simple:After paying $1, the player repeatedly draws one marble at random, with replacement fromthe Great Urn of Joy, until they draw a red marble. The player then receives a payoffbased on the number of green marbles that they drew, according to the following table:#green marbles01234 or morepayoffSO$1$5$100$1000While it is true that Whos don't earn extra cash for drawing more than 4 green marbles,they do get a certificate listing their total, and these certificates are a source of great pridein Whoville.What is the probability that a player receives (exactly) $5 in this game?What is the probability that a player receives at least $1 in this game?Consider the WRC's point of view: their profit-per-game is $1 - payoff. What is theexpected value of the WRC's profit-per-game?

The most popular game at the Whoville Resort and Casino (WRC) is "Pick Green", which is played with…

Answered: What is the probability that a player…

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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The pta plans a spring carnival on a saturday in april. if it's a sunny day, they estimate that they will make $3,000 but if it rains, they will lose $600 because nobody will come. There's a 30% chance of rain on saturday. Create a probability model and determine the expected profit or loss.
carina is playing a game that costs $10 to play. what is the expected value of this game, taking into consideration the $10 cost of playing the game?
Consider the following scenario. the twelve-number bet (a) Find the expected value of each $1 bet in roulette. (Round your answer to three decimal places.) dollars(b) Interpret it. (Round your answer to one decimal place.) Over time, you should expect to lose about cents for every dollar you bet.
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You're playing a dice game where you pay $1 to play, you win $1 if you roll an even number and lose a $1 if you roll an odd number. What's the expected value of the game?
Suppose it costs $20 to roll a pair of dice. You get paid $3 times the sum of the numbers that appear on the dice. Is it a fair game? ... .. because the expected value of the game (without considering the cost) is $ arest cent as needed.) No, Yes,
In a game of chance, players pay $5 for a chance to win one of two prizes: a $100 gift card or a $20 gift card. The probability of winning the $100 gift card is 0.006 and the probability of winning the $20 gift card is 0.07. Find the expected value (win or loss) per game.
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3. You are playing on the game show "Deal or No Deal" and there are only 6 cases left (including yours). The possible dollar amounts left for those cases are $0.01, $75, $5000, $10,000, $400,000 and $1,000,000. The banker offers you a deal of $210000 so you can either accept the deal and take the cash, or keep playing. Find the expected value for your case at this point in the game. Should you pick a case or take the banker's offer?
Suppose that you and a friend are playing cards and you decide to make a friendly wager. The bet is that you will draw two cards without replacement from a standard deck. If both cards are clubs, your friend will pay you $⁢41 . Otherwise, you have to pay your friend $⁢5 . Step 1 of 2 : What is the expected value of your bet? Round your answer to two decimal places. Losses must be expressed as negative values.

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What is the probability that a player receives (exactly) $5 in this game? What is the probability that a player receives at least $1 in this game? Consider the WRC's point of view: their profit-per-game is $1-payoff. What is the expected value of the WRC's profit-per-game?