Consider the following dice game: A pair of dice is rolled. If the sum is 7, then the game ends and you win 0. If the sum is not 7, then you have the option of either stopping the game and receiving an amount equal to that sum or starting over again. For each value of i , i = 2..... 12 , find your expected return if you employ the strategy of stopping the first time that a value at least as large as i appears. What value of i leads to the largest expected return? Hint: Let X i denote the return when you use the critical value i. To compute E [ X i ] condition on the initial sum.
Consider the following dice game: A pair of dice is rolled. If the sum is 7, then the game ends and you win 0. If the sum is not 7, then you have the option of either stopping the game and receiving an amount equal to that sum or starting over again. For each value of i , i = 2..... 12 , find your expected return if you employ the strategy of stopping the first time that a value at least as large as i appears. What value of i leads to the largest expected return? Hint: Let X i denote the return when you use the critical value i. To compute E [ X i ] condition on the initial sum.
Solution Summary: The author calculates the expected number of days until the prisoner freedom. The largest expected return mathrmi=8.
Consider the following dice game: A pair of dice is rolled. If the sum is 7, then the game ends and you win 0. If the sum is not 7, then you have the option of either stopping the game and receiving an amount equal to that sum or starting over again. For each value of
i
,
i
=
2.....
12
, find your expected return if you employ the strategy of stopping the first time that a value at least as large as i appears. What value of i leads to the largest expected return?
Hint: Let
X
i
denote the return when you use the critical value i. To compute
E
[
X
i
]
condition on the initial sum.
Unknown to a medical researcher, 7 out of 24 patients have a heart problem that will result in death if they receive the test drug. 5 patients are randomly selected to receive the drug and the rest receive a placebo. What is the probability that less than 4 patients will die? Express as a fraction or a decimal number rounded to four decimal places.
Was wanting to check if my calculations were correct
Suppose 52% of the population has a college degree.
If a random sample of size 808 is selected, what is the probability that the proportion of persons with a college degree will be less than 54%?
Round to four decimal places.
after following the formula I got 0.8724
At the beginning of each semester, students at the University of Minnesota receive one prepaid copy card
that allows them to print from the copiers and printers on campus. The amount of money remaining on the
card can be modeled by a linear equation where A represents how much remains on the card (in dollars)
and p represents the number of pages that the student has printed. The graph of this linear equation is
given below.
100
90
80
70
60
50
40
30
20
10
0
A = Amount on Card ($)
0
200
400
600
800 1000 1200 1400 1600
p = Number of Pages Printed
What information does the vertical intercept tell you (represent) for this problem? Be sure to include
specific details in your answer -- your answer should have both quantitative and qualitative data to
describe the answer in terms of the question.
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.
Discrete Distributions: Binomial, Poisson and Hypergeometric | Statistics for Data Science; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=lHhyy4JMigg;License: Standard Youtube License