Your partner flips a fair coin. If the coin comes up heads, you pay him 2; if the coin comes up tails, he pays you 1. What is the expected value of his income?
Q: A game is played by rolling a single fair die. The player puts $3 on the table and rolls the dielf…
A: A single fair die is rolledThe player wins $9 when die shows a 3 or 4The player win nothing and…
Q: At the Royal Dragon Chinese restaurant a slip in the fortune cookies indicates a dollar amount that…
A: A bag contained 10 fortune cookies out of wish one is to be selected. 7 fortune cookies contain $1…
Q: The is the belief that a string of losses in the past will be compensated by wins in the future.…
A: (a) Winning wager is all about winning something risked on an uncertain event. Here we cannot…
Q: A small organization is renting an outdoor arena for $1,000 and hosting a concert if it is it sunny…
A: Given outdoor arena for $1,000 expect to earn $6,000 Find if it rains the company will lose the $100…
Q: Decide whether or not the two events in question are independent or whether it is not possible to…
A: Independent events: If A and B are independent, then P(A and B)=P(A)×P(B)
Q: You are playing a game where you flip 3 coins, if you get all tails you lose $15, for each heads you…
A: When playing a game with flip 3 coins getting all tails you lose $15 and each heads getting $3.
Q: A jar contains 4 pennies, 6 nickels and 6 dimes. A child selects 2 coins at random without…
A: Given problem Given that A jar contains 4 pennies 6 nickels 6 dimes A child selects 2 coins at…
Q: What is the expected payout in the next year?
A:
Q: 2. You are taking a 5 question test and have to guess all the answers (each question has only 1…
A: The number of choices for each question is 4. The number of questions is 5. The probability that…
Q: grab bags a convene store has made up 2o grab bag gifts and is offering them for 2.00$ a bag. ten…
A: Given ten bags contain merchandise worth 1.00$ six bags contain merchandise worth $2'00 four bags…
Q: A charity organization is selling 100 mystery boxes for $5 each. Five of the mystery boxes contain a…
A: Used tool : excel
Q: 1 K In the game of roulette, a player can place a $8 bet on the number 14 and have a 38 probability…
A:
Q: Pearl wants to try a dice game with a $2 entry fee. She rolls one die, and she gets $3 for any even…
A: The sample space of rolling a die is {1, 2, 3, 4, 5, 6}.
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: 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: You purchase a brand new car for $21750 and insure it. The policy pays 65% of the car's value if…
A: The company gives 65% of the cars value if there is an issue with engine, so it follows: 65% of…
Q: An investment opportunity has two possible outcomes. One outcome yields a $150 payoff and has a…
A: Given, Payoff of $150 with a probability of 0.3 Payoff of $50 with a probability of 0.7
Q: Emily has $10000 to invest in Apple stock. In the next month, the stock has a 30% chance of gaining…
A: Total amount for investment = $10000.The probability distribution for the provided data is:
Q: You are bidding for an antique trombone in a sealed bid auction. All of your bids must be in…
A: The objective is to determine the number that represents the difference between the amount of…
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: is 0.40. For a premium of $29,000 David can purchase insurance coverage that would pay him…
A: The expected net profit is, $100,000. The rain reduced the net profit to $25,000. The probability of…
Q: We roll a die once. If 3 or 6 comes up, we win 81 dollars; if 1 comes up, we lose 324 dollars; if…
A: Probability of getting 3 or 6 = 2/6 Probability of getting 1 = 1/6 Probability of any other number…
Q: An analyst estimates there is a probability of 18 percent that there will be a recession next year.…
A: Given,An analyst estimates there is a probability of 18 percent that there will be a recession next…
Q: For this problem, assume that the outcomes 1 through 2 are equally likely, that the outcomes 3…
A:
Q: What is the expected payoff on a single special lottery ticket? Ignore the price of the ticket which…
A: A special lottery is held where a four-digit number is chosen at random from the range 0000 − 9999.…
Q: Suppose a gambler wins P50 if the sum of dots in a toss of a pair of fair dice is either 7 or 11,…
A: When tossing a pair of fair dice, the outcomes are, The outcomes for the sum 7 are (1, 6), (2, 5),…
Q: You are dealt one card at random from a full deck and your opponent is dealt 2 cards (without any…
A: The expectation of a discrete random variable X, denoted by E(X), is a measure of central tendency…
Q: Suppose you want to play a carnival game that costs 5 dollars each time you play. If you win, you…
A: The ticket cost of the game is 5 dollars.
Q: a conviecnce store has made up 20 grab bag gifts and is offering them for $2 a bag. ten bags contaon…
A:
Q: Suppose a county's recent health report gives a pet allergy prevalence of 0.16 for kids. There is a…
A: Form the tree diagram, P(pet allergy status)=0.16Ppet allergy but test Negative=0.15P(No pet allergy…
Q: Kindly solve the following problems by showing the complete solution. 1. A geologist has collected…
A: To find the probability that all specimens of one of the two types of rock are selected for…
Q: When it is sunny, Joe's ice cream truck generates a profit of $512 per day, when it is not sunny,…
A: To find: What is the expected daily profit the truck generates over a year ?.
Q: 23 You are planning to take two exams. According to the records, the passing rates for the exams 1…
A:
Your partner flips a fair coin. If the coin comes up heads, you pay him 2; if the coin comes up tails, he pays you 1. What is the
Step by step
Solved in 2 steps with 1 images
- If you draw two diamonds on two consecutive draws with replacement from a standard deck of cards you win $14 . Otherwise you pay me $4 . Step 1 of 2 : Find the expected value of the proposition. Round your answer to two decimal places. Losses must be expressed as negative values.Solve it correctly please. I will rate and review accordingly.We know that on a random day during the summer the probability that the student jogs is 0.65, the probability that the students swims is 0.40 and the probability that the student does both is equal to 0.18 What is the probability: i the students does neither
- To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 individuals. Each seminar costs Gustin $3,400, and the commission for each new account opened is $4,900. Gustin estimates that for each individual attending the seminar, there is a 0.01 probability that he/she will open a new account. Determine the equation for computing Gustin's profit per seminar, given static values of the relevant parameters. Profit =(New accounts opened x _______)-_________ Construct a simulation model to analyze the profitability of Gustin's seminars. Would you recommend that Gustin continue running the seminars? (Use at least 1,000 trials. Round your answer to two decimal places.) What is the minimum number of attendees (in a multiple of five, i.e., 25, 30, 35, …) that Gustin needs before a seminar's average profit is greater than zero? =______ attendeesA competition offers prize money for players reaching the final. If aplayer reaches the final, he/she will get 1000 dollars. If the player winsthe final and get the champion, another 1000 dollars are offered. Now aplayer has already reached the semi-final, what’s the expectation of prizemoney he would have after the competition?ony runs a cell phone kiosk in the mall and has 244 potential customers each day. He has a 7 % chance to make a sale to each customer. Use continuity correction to normally approximate the following probabilities.Round to 4 decimal places.a. The probability that he makes AT LEAST 18 sales b. The probability that he makes AT MOST 16 sales
- A gambler uses theory to calculate the probability of winning a card game and gets P(winning) = 0.10. Which option best describes the meaning of this probability? A. He will win 10 times B. In the long run he will win approximately 10% of the time C. He will win on every 10th play D. He is guaranteed to win exactly 10% of the timeThe annual premium for a $20,000 insurance policy against the theft of a painting is $300. If the probability that the painting will be stolen during the year is 0.02, what is your expected return from the insurance company if you take out this insurance? Upload your answer with your work and explanations hereYour friend convinces you to play a game where you roll a standard die one time. It costs $5 to play the game. If you roll a 3 or a 4 you win $9. Any other roll wins nothing. 4. Find the expected value of this game.
- It is the beginning of September and you have been offered the following deal to go heli-skiing. If you pick the first week in January and pay for your vacation now, you can get a week of heli-skiing for $2,900. However, if you cannot ski because the helicopters cannot fly due to bad weather, there is no snow, or you get sick, you do not get a refund. There is a 30% probability that you will not be able to ski. If you wait until the last minute and go only if you know that the conditions are perfect and you are well, the vacation will cost you $4,600. You estimate that the pleasure you get from heli-skiing is worth $6,700 per week to you (if you had to pay more than that, you would choose not to go). If your cost of capital is 11% per year, should you book ahead or wait? You should because the NPV of this choice is $ book ahead wait (Round to two decimal places.)If you throw exactly one head in three tosses of a coin you win $37. If not, you pay me $27 Find the expected value of the proposition. Round your answer to two decimal places. Losses must be expressed as negative values.
