Answered: you are playing a game in which a…

you are playing a game in which a single die is rolled. if a 2 or a 5 comes up, you win $24, otherwise you lose $3. what is the price that you should pay to play game that would make the game fair?

Algebra for College Students

10th Edition

ISBN:9781285195780

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter2: Equations, Inequalities, And Problem Solving

Section2.S: Summary

Problem 13S

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You are playing a game in which a single die is rolled. If a 2 or a 5 comes up, you win $60; otherwise, you lose $3. What is the price that you should pay to play the game that would make the game fair?
You are playing a card game. If you pull an Ace you win $86, if you pull the King of hearts you win $448, if you pull a jack or a queen you win $12, all other pulls you lose. What price should you be charged to make this a fair game? Round your answer to the nearest hundredth.
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If a person rolls doubles when tossing two dice, the roller profits $ 65 , that is, the roller receives $ 65 more than the cost of the game. If the game is fair, how much should the person pay to play the game?
Billy and Joe are buddies that think they can outsmart the casino by splitting each other’s profits. They decided to play a game by the name of Baccarat. They both have $1200 and their goal is to leave once they double their money. In Baccarat, the Banker's or Player’s hand will win 45% of the time. Ties win 10% of the time. The goal in baccarat is to have the hand you’re betting on, either the player or the banker, be the best hand of the two dealt. The winning hand is the one with a score where the final digit is the closest to nine. Face cards are worth zero, and aces count as one. There are 8 decks in a shoe. Billy and Joe came up with a betting strategy/sequence and assigned “teams”. Billy will ALWAYS bet on “Player” whereas Joe will always bet on “Banker”. The sequence goes as follows: Billy: 12113 Joe: 21221Billy: $100, $200, $100, $100, $300 = $900Joe: $200, $100, $200, $200, $100 = $900The remaining $300 that Billy and Joe have will go towards taking turns on betting $5 on the…
If you play this game 150 times, how much would you expect to win or lose?
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The college hiking club is having a fundraiser to buy new equipment for fall and winter outings. The club is selling Chinese fortune cookies at a price of $2 per cookie. Each cookie contains a piece of paper with a different number written on it. A random drawing will determine which number is the winner of a dinner for two at a local Chinese restaurant. The dinner is valued at $37. Since fortune cookies are donated to the club, we can ignore the cost of the cookies. The club sold 718 cookies before the drawing. Lisa bought 27 cookies. Lisa's expected earnings can be found by multiplying the value of the dinner by the probability that she will win. How much did she effectively contribute to the hiking club? A. $23.55 B. $49.41 C. $52.61 D. $25.63 E. $25.61
The college hiking club is having a fundraiser to buy new equipment for fall and winter outings. The club is selling Chinese fortune cookies at a price of $3 per cookie. Each cookie contains a piece of paper with a different number written on it. A random drawing will determine which number is the winner of a dinner for two at a local Chinese restaurant. The dinner is valued at $35. Since fortune cookies are donated to the club, we can ignore the cost of the cookies. The club sold 717 cookies before the drawing. Lisa bought 31 cookies. What is the probability she will win the dinner for two? Write your answer as a fraction in the simplest form, if one exists. A. 31/686 B. 686/717 C. 31/717 D. 1/31 E. none of these choices
The college hiking club is having a fund raiser to buy new equipment for fall and winter outings. The club is selling Chinese fortune cookies at a price of $1 per cookie. Each cookie contains a piece of paper with a different number written on it. A random drawing will determine which number is the winner of a dinner for two at a local Chinese restaurant. The dinner is valued at $35. Since fortune cookies are donated to the club, we can ignore the cost of the cookies. The club sold 725 cookies before the drawing. Lisa bought 18 cookies. What is the probability she will not win the dinner for two? Write your answer as a fraction in simplest form, if one exists.
The college hiking club is having a fund raiser to buy new equipment for fall and winter outings. The club is selling Chinese fortune cookies at a price of $3 per cookie. Each cookie contains a piece of paper with a different number written on it. A random drawing will determine which number is the winner of a dinner for two at a local Chinese restaurant. The dinner is valued at $34. Since fortune cookies are donated to the club, we can ignore the cost of the cookies. The club sold 721 cookies before the drawing. Lisa bought 17 cookies. Lisa's expected earnings can be found by multiplying the value of the dinner by the probability that she will win. What are Lisa's expected earnings? Round your answer to the nearest cent.
The college hiking club is having a fund raiser to buy new equipment for fall and winter outings. The club is selling Chinese fortune cookies at a price of $1 per cookie. Each cookie contains a piece of paper with a different number written on it. A random drawing will determine which number is the winner of the dinner for two at a local Chinese restaurant. The dinner is valued at $35. Since the fortune cookies were donated to the club, we can ignore the cost of the cookies. The club sold 571 cookies before the drawing. (a) Lisa bought 14 cookies. What is the probability she will win the dinner for two? (Round your answer to three decimal places.)