Explanation 1) Definition: Assume that an experiment has out comes numbered 1 to n with probabilities P 1 , P 2 , P 3 … in. Assume that each outcome has a numerical value associated with it and these are labeled V 1 , V 2 , V 3 , ⋯ V n . The expected value of the experiment is ( P 1 ⋅ V 1 ) + ( P 2 ⋅ V 2 ) + ( P 3 ⋅ V 3 ) + ⋯ + ( P n ⋅ V n ) . 2) Calculation: Given, A card is drawn from a standard 52-card deck. n ( S ) = 52 Let F be the event of getting face card in deck. n ( F ) = { 12 face card in deck } . n ( F ) = 12. Let P ( F ) be the probability that we will win the game. (i.e.) getting a face cards in deck. P ( F ) = n ( F ) n ( S ) P ( F ) = 12 52 P ( F ) = 3 13 P ( F ) = 0.23 Let P ( F ′ ) be the probability that we will lose the game. P ( F ′ ) = 1 − P ( F ) P ( F ′ ) = 1 − 0.23 P ( F ′ ) = 0.77 The values and probabilities associated with playing the game.

6th Edition

ISBN: 9780134434681

Author: Tom Pirnot

Publisher: PEARSON

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Chapter 13.4, Problem 8E

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The expected value for the game and the price of the game to make the game fair.

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Chapter 13.4, Problem 7E

Chapter 13.4, Problem 9E

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The expected value for the game and the price of the game to make the game fair.

Solution Summary: The author calculates the expected value for a game and the price of the game to make it fair.

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Chapter 13 Solutions

To Calculate:

The expected value for the game and the price of the game to make the game fair.