You have an unfair coin: the probability that it comes up heads on a single toss is 0.3. You offer to play a game with a friend. If it comes up heads twice in a row, you give them $1. If it doesn't, they give you $4. What are your expected winnings in this game? (Remember that winnings can be positive or negative!)

You have an unfair coin: the probability that it comes up heads on a single toss is 0.3. You offer to play a game with a friend. If it comes up heads twice in a row, you give them $1. If it doesn't, they give you $4. What are your expected winnings in this game? (Remember that winnings can be positive or negative!)

Name: You have an unfair coin: the probability that it comes up heads on a s
Uploaded: 2024-03-20T07:06:41.000Z
Channel: Bartleby
Description: You have an unfair coin: the probability that it comes up heads on a single toss is 0.3. You offer to play a game with a friend. If it comes up heads twice in a row, you give them $1. If it doesn't, they give you $4. What are your expected winnings i

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

Related questions

Q: A game costs $10 to play. In the game, you roll three fair six-sided dice. If you roll one six, you…

A: Let x be the random variable for price won, then the probability distribution is given as: Number…

Q: You are playing a dice game with some friends. In order to win, you need to roll five threes in a…

Q: 4. A bag has 9 coins in total. There are three coins that have "heads" on both sides; four coins…

A: The bag has total 9 coins.

Q: chance, a card is drawn from a card deck. the Ace of Hearts, you win $1000. ny other Heart or any…

A: *Answer:

Q: Victoria is playing a new video game. To get to the next level, she must capture the flag and then…

A: Introduction: Denote A as the event that the player captures the flag, and B as the event that she…

Q: In a game of cards, your opponent offers to give P40 if you draw an ace and P20 if you draw a face…

A: Given, In a game of cards, Opponent offers, p40 if we get ace, P20 if we get faces, To pay P10 if we…

Q: 5. A spinner ís numbered rom i to 5 and each number is equaily ikely to come up. A player bets $1.00…

Q: Suppose you are invited to play a game in which you bet $1 on any number from 000 to 299. If your…

Q: What is the average number of points you would expect to lose if you roll the die 60 times? b.…

A: Given : Number of times die is rolled =50 Lose a point if 1 is rolled

Q: A game costs $2 to play. A fair 5-sided die is rolled. If you roll an even number, you win an amount…

A: To determine the net expected winning in this game

Q: Suppose you play a game where you toss three fair coins. If you get three tails, you win $10.…

A: Probability of getting a tail while tossing a coin is 1/2 So, if 3 coins will be tossed then the…

Q: A game consists of rolling a die. If the die shows 6, the player wins $10. If the die shows a 3,4,5…

A: We first make a probability distribution outcome 1 2 3 4 5 6 winning amount (xi) 0 0 1 1 1 10…

Q: Randa is playing a board game. The players take turns rolling a pair of number cubes. On her next…

Q: Suppose you are throwing a pair of fair dice. Each die has 6 sides numbered 1 through 6. If you…

A: The study is about throwing a pair of fair dice. The multiple of the value of each die after…

Q: You and a friend are playing a game by tossing two coins. If both coins land on heads, you win. If…

A: Consider that H denotes the head and T denotes the tail.

Q: You roll two standard six-sided dice. You win $100 if the sum is 5 and lose $10 otherwise. What is…

Q: utcome is 00, 0, or 1, there is a probability of 38 of making a net profit of $60 and a 38…

A: Given playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number…

Q: -What is the expected gain from this game?

A: here total 52 cards in deck total face cards = 12( J,Q,K of each suit) total ace = 4 probability =…

Q: at a casino, you throw a fair 4 sided dice whose sides are labeled 1, 2, 3 and 4. If you land on…

A: Solution: Total number of sides in a fair dice is = 4 Sides labeled as = 1, 2, 3, 4 The…

Q: The Cyclones play Baylor on Tuesday. If the odds for the Cyclones winning are 7:2, what is the…

A: The odds for the Cyclones winning are 7:2

Q: You are playing a game where you draw a card from a standard deck, and you will win $17 if you draw…

Q: Find the expected value of the psychic's profit by filling in the boxes below with you answers. Use…

A: Reviewing information, PBoy=0.51P(Girl)=0.49Cost=$20If psychic is wrong, he has to pay back $20

Q: Your friend offers to place a bet with you. He will pay you$1if your favorite sports team wins the…

A: Let X be the random variable denoting the amount of money ($) you win or lose. And P(X) denotes the…

Q: Suppose you decided to play a gambling game. In order to play the game there is a $1.00 dollar fee…

A: Given that xx P(x)P(x) (you roll a 1, 2, 3) (you roll a 1, 2, 3) (you roll a 4 or 5) (you…

Q: Say that a game consists of two steps. First, you roll a die. If you roll a 1 or a 6, you continue;…

A: Given that 1 or 6 win a game

Q: Suppose you decided to play a gambling game. In order to play the game there is a $1.50 dollar fee…

A: See the handwritten solution

Q: 2. Hot Rod is planning to jump twenty buses to raise money for his ailing stepdad. He figures that…

A: The formula of odds in favour is, odds in favour=successfailure The probability of an event is,…

Q: When the three friends play The Duck Game together, Kiara draws first, then Denny , and then Rayanna…

A: p=(25/50)*(20/49)

Q: five singers are to perform on a weekend evening at a night club. how many different ways are there…

A: The number of ways is there to schedule their appearances is,

Q: There is a medical test for a virus. The test is 95% accurate (i.e., it indicates positive 95% of…

A: Given that: Probability that the test is accurate = 0.95 Probability that a person has the virus =…

Q: Suppose you are invited to play a game in which you bet $1 on any number from 000 to 599. If your…

A: Number from 000 and 599 If your number comes up you get $300 We have to find Expected wining

Q: Solve the problems below using the "Tree Diagram" strategy. You are one of the goalkeepers in your…

Q: Suppose you are invited to play a game in which you bet $1 on any number from 000 to 299. If your…

Q: wo fair dice are rolled. Event A = {the sum on the two dice is more than seven} Event B = {the two…

Concept explainers

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

Topic Video

Question

You have an unfair coin: the probability that it comes up heads on a single toss is 0.3. You offer to play a game with a friend. If it comes up heads twice in a row, you give them $1. If it doesn't, they give you $4. What are your expected winnings in this game? (Remember that winnings can be positive or negative!)

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Discrete Probability Distributions$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.

Similar questions

A pair of fair dice is rolled once. Suppose that you lose $8 if the dice sum to 7and win $13if the dice sum to 4 or 8.How much should you win or lose if any other number turns up in order for the game to be fair?
Zane is ordering a sundae at a restaurant, and the server tells him that he can have up to five toppings: a cherry, hot fudge, caramel, peanuts, and butterscotch sauce. Since he cannot decide how many of the toppings he wants, he tells the server to surprise him. If the server randomly chooses which toppings to add, what is the probability that Zane gets just caramel and butterscotch sauce? Express your answer as a fraction or a decimal number rounded to four decimal places.
In a coin and die game, you roll a fair six-sided die and toss a coin. If you roll a 6 and toss a tails, you gain $110. Otherwise, you lose $10. If you were to play the game 45 times, how much money can you expect to gain or lose? Round the expected value for one game to the nearest cent. Enter an expected loss as a negative number.
For the experiment of rolling an ordinary pair of dice, find the probability that the sum will be 10 or 3. (You may want to use a table showing the sum for each of the 36 equally likely outcomes.) The probability that the sum of the pair of dice is 10 or 3 is (Simplify your answer.)
if odds that joel will get a job offer are 7:2, what is probability that he will get a job offer?
You draw a card from a deck of 52 cards. If the card is a spade, you win $5, but if the card is not a spade you lose $2.What is your expected earning from this game?
Hector is playing a new video game. To get to the next level, he must capture the golden brick and then choose the correct door. The chance that he captures the golden brick is 70%. The chance that he chooses the correct door is 40%. The probability that he does both is 20%. Create a Venn Diagram and determine the probability that: He captures the golden brick and chooses the correct door He only captures the golden brick He only chooses the correct door He doesn’t complete either task
In this problem, the gambler’s idea of odds does not enter at all. a. The odds of an event are 1/5. What is the probability of the event occurring? b. The probability of an event is 2/3. What are the odds of the event occurring?
You are playing Blackjack, and you have a 3, a 4, and a Q. Dealer has an Ace. What is the probability that the dealer wins with their second card if you decide to stand? a. 10/16 b. 8/16 c. 7/16 d. 9/16 e. None of the other answers is correct.
There is a game of chance called "Lightning Dice" at a charity carnival. It costs $2 to play. The player then rolls 4 dice. If the player rolls 3 or more sixes, then the player wins $30. Otherwise, the player wins nothing. How much can you expect to gain or lose if you play this game 68 times?
Whether a customer at a carry-out restaurant leaves a tip is a random variable. The probability that a customer leaves a tip is 0.42. The probability that one customer leaves a tip is independent of whether another customer leaves a tip. Let leaving a tip represent a “success” and not leaving a tip represent a “failure.” Does this problem describe a discrete or continuous random variable? What kind probability distribution fits the random variable described in this problem? What is the probability that a customer does not leave a tip? Calculate the mean and variance of this distribution. What is the probability that on a day with 100 customers, exactly 50 of them leave a tip?
You flip two fair coins. If both coins land heads you win $2. Otherwise you lose $1. What is the expectation of this game? Round your answer to the nearest cent.