Suppose that you are offered the following "deal." You roll a six sided die. If you...
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $20. If you roll a 2, 3, 4 or 5, you win $3. Otherwise, you pay $8. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table XT P(X) b. Find the expected profit. $ (Round to the nearest cent) c....
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $12. If you roll a 4 or 5, you win $1. Otherwise, you pay $2. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table х P(X) b. Find the expected profit. $ (Round to the nearest cent)
Consider a game where you roll a six-sided die and a four-sided die, then you subtract the number on the four-sided die from the number on the six-sided die. If the number is positive, you receive that much money (in dollars). If the number is negative, you pay that much money (in dollars). For example, you might roll a 5 on the six-sided die and a 2 on the four-sided die, in which case you would win $3. You might...
You are playing a gambling game with a 12-sided die. If you roll an odd number, then you lose $6. If you roll an even number, then you win that amount in dollars (i.e., you roll a 2, you win $2, etc). What is the Expected average winnings/losings of this game? x = die roll P(x) Payoff(x) P(x)*Payoff(x) 1 2 3 4 5 6 7 8 9 10 11 12 E =
Suppose someone gives you 9 to 2 odds that you cannot roll two even numbers with the roll of two fair dice. This means you win $9 if you succeed and you lose $2 if you fail. What is the expected value of this game to you? Should you expect to win or lose the expected value in the first game? What can you expect if you play 100 times? Explain. What is the expected value of this game to...
8) Suppose your team participate in a football tournament in which you play n games. Since you are a very average team, each game is equally likely to be a win, a loss, or a tie. You collect 3 points for each win, 1 point for each tie, and 0 points for each loss. The outcome of each game is independent of the outcome of every other game. Let X be the number of points you earn for game i...
In a dice game, you roll a fair die three times, independently. If you don’t roll any sixes, you lose 1 dollar. If you roll a six exactly once, you win one dollar. If you roll a six exactly twice, you win two dollars. If you roll a six all three times, you win k dollars. (A) Let k = 3. What is the expected value of the amount you would win by playing this game (rounded to the nearest...
Part 1 (3 points) Seet You have an eight-sided fair die. You can roll the die with a chance to win $100 if it lands on 1. The expected value of the gamble is $ Note: Round your answer to the nearest penny. Part 2 (3 points) See Hint Suppose that you're given a choice between a sure $7.50 and the gamble described in Part 1. Which of the following is most likely to be true? Choose one: O A....
See H Your friend has offered you two options: roll a six-sided die and win a prize, or take $3 and risk nothing. Each number on the die corresponds to a dollar amount: 1- $1,2 $2, and so on. If you take the $3 with no gamble, you are Choose one: O A. a risk taker. B. risk neutral. O C. risk averse.
-please explain the answer Your friend has offered you two options: roll a six-sided die and win a prize, or take $3 and risk nothing. Each number on the die corresponds to a dollar amount: 1 = $1, 2 = $2, and so on. If you take the $3 with no gamble, you are Choose one: A. risk neutral. B. risk averse. C. a risk taker.