A casino game costs $5 to play. If you draw first a red card, then you...
A casino game costs $5 to play. If you draw first a red card,
then
you get to draw a second card. If the second card is the ace
of
hearts, you win $500. If not, you don't win anything, i.e. lose
your
$5. What is your expected profits (or losses) from playing
this
game? Remember: profit (or loss) = winnings - cost.
Homework Answers
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A casino game costs $5 to play. If you draw first a red card,
then
you...
Consider the following card game with a well-shuffled deck of cards. If you draw a red...
Consider the following card game with a well-shuffled deck of cards. If you draw a red card, you win nothing. If you get a spade, you win $5. For any club, you win $12 plus an extra $15 for the ace of clubs. Let Xi denote the possible winnings in this scenario How much should one pay to play so this game breaks even?
Imagine a friend invites you to play a game of chance that costs $1 to play...
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...
Consider a play of the casino game `Quick Draw'. In this game, a player pays $11...
Consider a play of the casino game `Quick Draw'. In this game, a player pays $11 to play. The player picks one card from a standard pack of 52 cards (i.e. there are four A’s and four K’s in a standard pack of 52 cards). If the player gets an Ace, they win $50 but loose the amount they paid to play (the profit is revenue minus cost); if the player selects a King, they win $30 but loose the...
It costs $6.25 to play a very simple game, in which a dealer gives you one...
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...
How to solve this using statcrunch You draw a card from a deck. If you get...
How to solve this using
statcrunch
You draw a card from a deck. If you get a red card, you win nothing. If you get a spade, you win $11. For any club, you get $20 plus an extra $50 for the ace of clubs. a) Create a probability model for the amount you win at this game. b) Find the expected amount you'll win. c) How much would you be willing to pay to play this game? red any...
round probabilities to four decimal places. You draw one card from a deck of 52 cards....
round probabilities to four decimal places. You draw one card from a deck of 52 cards. If you get a heart, you win $18. If you get anything else you pay $5. Note: There are 13 hearts in the deck. a. What is the probability of winning the game? b. What is the expected value of the game? c. If you play the game 100 times, what is your expected gain or loss?
71. A game involves selecting a card from a regular 52-card deck and tossing a coin....
71. A game involves selecting a card from a regular 52-card deck and tossing a coin. The coin is a fair coin and is equally likely to land on heads or tails. • If the card is a face card, and the coin lands on Heads, you win $6 • If the card is a face card, and the coin lands on Tails, you win $2 • If the card is not a face card, you lose $2, no matter...
Each game you play, you win with probability p, 0<p<1. You plan to play 5 games,...
Each game you play, you win with probability p, 0<p<1. You plan to play 5 games, but if you win the fifth game, you will keep playing until you lose. Assume the outcome of each game is independent of all others. a) Find the expected number of games you loss. b) Find the expected number of games you win.
Hello, I need help with Question 7. Please show all the steps and the solutions of the problem. Thank you very much. 7. Consider a game that consists of drawing a single card at random from a standar...
Hello,
I need help with Question 7.
Please show all the steps and the solutions of the problem.
Thank you very much.
7. Consider a game that consists of drawing a single card at random from a standard deck of 52 cards. You pay S3 to play the game, and the money is not returned. If you draw an ace, you win S10. If you draw a king or queen, you win S5. How much should you expect to win...
One of the students in this class has created a game and would like for you to play. You have calculated that you will lose the game 45% of the time. At the same time you know that 30% of players will...
One of the students in this class has created a game and would like for you to play. You have calculated that you will lose the game 45% of the time. At the same time you know that 30% of players will be paid $1 while 20% of players will be paid $2. It is calculated that all other players will receive the $100 prize. What is the expected value for this game? (Enter your solution as a decimal without...
How to solve this using
statcrunch
You draw a card from a deck. If you get a red card, you win nothing. If you get a spade, you win $11. For any club, you get $20 plus an extra $50 for the ace of clubs. a) Create a probability model for the amount you win at this game. b) Find the expected amount you'll win. c) How much would you be willing to pay to play this game? red any...
Hello,
I need help with Question 7.
Please show all the steps and the solutions of the problem.
Thank you very much.
7. Consider a game that consists of drawing a single card at random from a standard deck of 52 cards. You pay S3 to play the game, and the money is not returned. If you draw an ace, you win S10. If you draw a king or queen, you win S5. How much should you expect to win...
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