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Stats question, please show work. b) In a game of chance, I bet x dollars with...
In a game of chance, I bet x dollars. With probability p, I win y dollars. What should x be for this to be a fair game?
I propose a game of chance! 70% of the time you win nothing, 20% of the time you win $10, 9% of the time you win $100, and 1% of the time you win $1000. What is a fair price for this game - how much should you pay to match the expected value of this game?
I am going to play a game of chance, but I want to know if it is worth my while. On average, if I played the game over and over, what amount would I expect to win (+$) or lose (-$) on average per game? That is the mean of the probability distribution that describes the game. It is also call the game's expected value. The formula for expected value is The game I'm playing costs $5 to play. The...
please, could you give me answers? Thank you very much. Sorry that I sent a long question. I need to answer for all 1 a-d and 2 a-thanks again MATH 220 Review Questions for Final Özlem Orhan 4. Discrete random variables X and Y have the following joint probal bution f(x,y) | x-0 | x 1 y-0 0.1 0 y=1 | 0.1 | 0.1 y=2 | 0.1 | 0.2 y-310 10.4 (a) Compute the correlation coefficient pry (b) Compute the...
please type your answer Show all work, and staple your work together. Draw all trees. You take your significant other to the carnival. There are many games to play, each game costs $5. You have a chance to win a stuffed bear for your significant other. The games are as follows: A-You draw 1 card from a standard deck of 52 cards, and flip a coin. You win if the card is a CLUB or you get TAILS on the...
please show the work on all parts BE SURE TO SHOW YOUR WORK OR YOU WILL NOT GET CREDIT!!! 1) Jack the Ripper flips a quarter 8 times in a row. a) P(at least 1 tail) b) P(exactly 2 tails at most 3 tails) 2) You pay $2 to play a game called Saucy Jacky where you draw 2 cards from a PINOCHLE deck of cards. If you get 2 hearts, you win $10. If you get 1 heart, you...
Problem 1. Suppose we are betting money on the outcome of a game of chance with two outcomes (e.g. roulette). If we guess correctly we get double our bet back and otherwise we lose the money we've bet. Consider the strategy where you initially bet one euro and you keep playing and doubling your bet until the first time you win. At that point you go home, having made a net profit. Let p be the probability of winning a...
Some help in this question, please?! In the casino game of roulette, you can bet on whether the ball will fall in an arc on the wheel colored red, black, or green. The arcs are of equal length with 18 colored red, 18 colored black and 2 colored green. Suppose you make a S5 bet on red. 3. a. Create a probability distribution for this situation where X = net winnings for this single bet. (4 points) b. Compute the...
Passedix is a game of chance played with three fair dice. Players bet whether the sum of the faces shown on the dice will be above or below ten. During the late sixteenth century, the astronomer and mathematician Galileo Galilei was asked by the Grand Duke of Tuscany to explain why “the chance of throwing a 9 with three fair dice was less than that of throwing a 10.” (Interstat, Jan. 2004) The grand duke believed that the chance should...
17-2: Game Show Uncertainty: In the final round of a TV game show, contestants have a chance to increase their current winnings of $1 million to $2 million. If they are wrong, their prize is decreased to $500,000. A contestant thinks his guess will be right 50% of the time. Should he play? What is the lowest probability of a correct guess that would make playing profitable? Please double check these calculations and help me to develop the rational for...