Question

12. A popular casino game is three-card poker. One aspect of the game is the "pair-plus" bet in which a player is paid a dollar amount for any hand of a pair or better, regardless of the the dealer has. The table shows the profit and probability for various hands of a player playing the $6 pair-plus bet. Profit (S) Probability Straight flush 200 12/5525 Three of a kind (425 36/1105 274/5525 150 30 20 6 72/425 Flush Other 822/1105 a. What is the expected profit when playing the $6 pair-plus bet in three card poker? b. In you play the game for 4 hours with an average of 35 hands per hour, how much would you expect to lose? 13. A life insurance company sells a $275,000 1-year term life insurance policy to a 20-year-old female for $210. According to the National Vital Statistics Report, the probability that the female survives the year is 0.99954. Compute and interpret the expected value of this policy for the insurance company 14. There is a 0.9986 probability that a randomly selected 30-year-old male lives through the year. A Fidelity life insurance company charges $160 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $110,000 as a death benefit. If a 30-year-old male purchases the policy, what is his family's expected value? 15. A research company stated that 39% of missed school days was due to asthma. Suppose a group of 10 school children are selected at random. Use the table below to calculate the following probabilities for each event PX)a) What is the probability that at most 7 children will miss school because of asthma? X Four decimal places 0.0071 0.0456 b) What is the probability that at least 5 children will miss school because of asthma? 0.1312 Four decimal places 0 0.2237 223) What is the probability that more than 3 children will miss school because of asthma? 0.2503 Four decimal places 0.1023d What is the probability that less than 6 children will miss school because of asthma)? 0.0374 Four decimal places 0.0090 00013 ) Find the mean and standard deviation. Use the binomial formala (one decimal place) 10 0.0001 RG/Spring 2019

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