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A game has an expected value to you of $800. It costs $200 to play, but...
A game has an expected value to you of $2000. It costs $2000 to play, but if you win, you receive $100,000 (including your $2000 bet) for a net gain of $98,000. What is the probability of winning? Would you play this game? Discuss the factors that would influence your decision. The probability of winning is (Type an integer or a decimal.)
A game has an expected value to you of $1700. It costs $1700 to play, but if you win, you receive $100,000 (including your $1700 bet) for a net gain of $98,300. What is the probability of winning?
You play two games against the same opponent. The probability you win the first game is 0.8. If you win the first game, the probability you also win the second is 0.6. If you lose the first game, the probability that you win the second is 0.4. Complete parts a) through e). a) Are the two games independent? Explain your answer A. Yes; all events are independent. O B. No; the outcome of the first game determines the probability of...
Your probability of winning a game of chance is 0.4. If you play the game 3 times, what is the probability that you will win exactly 2 times?
In a state's Pick 3 lottery game, you pay $1.34 to select a sequence of three digits (from 0 to 9), such as 188. If you select the same sequence of three digits that are drawn, you win and collect $461.58. Complete parts (a) through (e). a. How many different selections are possible? b. What is the probability of winning? (Type an integer or a decimal.) c. If you win, what is your net profit? (Type an integer or a...
6.5.12 My Game you either los $5 orain 56.995. The winning prize is 57.000, but your $5 bet is not retumed, so the began is 56.905) The game is played by acting for y of winning? If you bot 35 on 1234 what is the expected value of your gain or loss? br a nd you bet 5 in a Pick 4 9999 What is the probal What is the probability Type an integer or Inning? implified fraction) Enter your...
Imagine a friend invites you to play a game of chance that costs $1 to play each time. You get to choose one card. You win if your card is the Ace of Spades. Otherwise, you lose. The amount of money you could win is $(40 + the day of your birth). For example, if you were born on July 4th, you could win $40 + $4 = $44 if you chose the Ace of Spades in your draw. What...
It costs $6.25 to play a very simple game, in which a dealer gives you one card from a deck of 52 cards. If the card is a heart, spade, or diamond, you lose. If the card is a club other than the queen of clubs, you win $10.00. If the card is the queen of clubs, you win $48.50. The random variable x represents your net gain from playing this game once, or your winnings minus the cost to...
Problem 3. You play a game where you first choose a positive integer flip a fair coinn times. You win a prize if you get exactly 2 heads. How should you choose n to maximize your chance of winning? What is the chance if winning with optimal choice of n? There are two equally good choices for the best n. Find both n and then an
7. Calculate the expected value of the following game. If you win the game, your wealth will increase by 36 times your wager. If you lose, you lose your wager amount. The probability of winning is 1/38. Calculate the variance of the game.