7. Calculate the expected value of the following game. If you win the game, your wealth...
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.
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7. Calculate the expected value of the following game. If you
win the game, your wealth...
14. [-/3.33 Points] DETAILS CRAUDQL3 5.5.036. MY NOTES PRACTICE ANOTHER What is your expected value for...
14. [-/3.33 Points] DETAILS CRAUDQL3 5.5.036. MY NOTES PRACTICE ANOTHER What is your expected value for a game whose probabilities and outcomes are given in the following table? % Profit Probability 0.2 0.4 You win 1.1 times your wager. You win your wager. You lose 3 times your wager. You win nothing. 0.1 0.3
In playing a game, you win or lose 1 dollar with probability 0.5. If you play the game independen...
Use Central Limit Theorem Please!
In playing a game, you win or lose 1 dollar with probability 0.5. If you play the game independently 1,000 times, what is (approximately) the probability that your fortune (the total amount you won or lost) is at least 10 dollars? (Use the Central Limit Theorem)
In playing a game, you win or lose 1 dollar with probability 0.5. If you play the game independently 1,000 times, what is (approximately) the probability that your fortune...
You play two games against the same opponent. The probability you win the first game is...
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...
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 $800. It costs $200 to play, but if you win, you receive $100,000 including your $800 bot) for ane gain of $9.200. 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) Would you play this game? Do the factors that would influence your decision Since the probability of winning the...
A game has an expected value to you of $2000. It costs $2000 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.)
Suppose you make a dollar bet on a game in which there is a 1 in 5 chance to win
Suppose you make a dollar bet on a game in which there is a 1 in 5 chance to win. If you win, you win two dollars. On average, you will lose playing this game and each play costs you _______ cents. If you play 200 times, you can expect to lose around _______ dollar .You play roulette betting one dollar on the number 5 each time. The bet pays 35 to 1. You have a 1 in 38 chance to...
36. Betting on 11. In a dice game, you win if the two dice come up...
36. Betting on 11. In a dice game, you win if the two dice come up 11. Otherwise, you lose $1. What should be the profit for winning to make this game fair?
1. Consider a bet with 2.1.1 odds. This means that if you wager $1, you get...
1. Consider a bet with 2.1.1 odds. This means that if you wager $1, you get back $2.10 if you win and $0 if you lose. Assume you start with $1 and place a single $1 bet. Let the RV X denote the change in your final wealth, i.e., P(X € (-1,1.1}) = 1. (a) (2 points) If the probability of winning is 45%, find your expected change in wealth E(X). (b) (2 points) If the probability of winning is...
You are given 6 to 1 odds against tossing three heads with three coins, meaning you...
You are given 6 to 1 odds against tossing three heads with three coins, meaning you win $6 if you succeed and you lose $1 if you fail. Find the expected value (to you) of the game. Would you expect to win or lose money in 1 game? In 100 games? Explain. Find the expected value (to you) for the game. ___ $___ (Type an integer or a decimal rounded to the nearest hundredth as needed.) Would you expect to...
THE PROBABILITY THAT YOU WILL WIN A CERTAIN GAME IS 0.3. assume that you play yhe...
THE PROBABILITY THAT YOU WILL WIN A CERTAIN GAME IS 0.3. assume that you play yhe game 20 times. 1. What is the probability you will NEVER win the game in your 20 trials 2. what is the expected number of times that you win
14. [-/3.33 Points] DETAILS CRAUDQL3 5.5.036. MY NOTES PRACTICE ANOTHER What is your expected value for a game whose probabilities and outcomes are given in the following table? % Profit Probability 0.2 0.4 You win 1.1 times your wager. You win your wager. You lose 3 times your wager. You win nothing. 0.1 0.3
Use Central Limit Theorem Please!
In playing a game, you win or lose 1 dollar with probability 0.5. If you play the game independently 1,000 times, what is (approximately) the probability that your fortune (the total amount you won or lost) is at least 10 dollars? (Use the Central Limit Theorem)
In playing a game, you win or lose 1 dollar with probability 0.5. If you play the game independently 1,000 times, what is (approximately) the probability that your fortune...
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...
A game has an expected value to you of $800. It costs $200 to play, but if you win, you receive $100,000 including your $800 bot) for ane gain of $9.200. 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) Would you play this game? Do the factors that would influence your decision Since the probability of winning the...
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.)
1. Consider a bet with 2.1.1 odds. This means that if you wager $1, you get back $2.10 if you win and $0 if you lose. Assume you start with $1 and place a single $1 bet. Let the RV X denote the change in your final wealth, i.e., P(X € (-1,1.1}) = 1. (a) (2 points) If the probability of winning is 45%, find your expected change in wealth E(X). (b) (2 points) If the probability of winning is...
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