Refer to the following table regarding the game of keno. Outcome Probability 6 winning spots 0.00012898...
Refer to the following table regarding the game of keno. Outcome Probability 6 winning spots 0.00012898 5 winning spots 0.00309564 4 winning spots 0.02853792 3 winning spots 0.12981955 Fewer than 3 winning spots 0.83841791 (a) Find the expected value of a $1 bet in six-spot keno if three winning spots pays $1 (but you pay $1 to play, so you actually break even), four winning spots pays $3 (but you pay $1 to play, so your profit is $2), five pays $100, and six pays $2,500. (Round your answer to two decimal places.)
Homework Answers
Final answer rounded to two
decimal places is -0.15Add Answer to:
Refer to the following table regarding the game of keno. Outcome
Probability 6 winning spots 0.00012898...
Can someone do 28, 32, 40, and 44 198 CHAPTER 3 Probability c. Use the results of parts a and b to find ed value of Ca...
Can someone do 28, 32, 40, and 44
198 CHAPTER 3 Probability c. Use the results of parts a and b to find ed value of Cash 4 admission to college); the Law School Admissions Test, or LSAT; and the Graduate Record Exam, GRE (used for admission to graduate school). 32. New York's "Pick 10" is a 10/80 lottery Sometimes, these maltiple-choice tests discourage guessing by subtracting points for wrong answers In particular, a correct answer will be worth +1...
In a particular game, a fair die is tossed. If the number of spots showing is...
In a particular game, a fair die is tossed. If the number of spots showing is a six, you win $6, if the number of spots showing is a five, you win $3, if the number of spots showing is 4, you win $2, and if the number of spots showing is 3, you win $1. If the number of spots showing is 1 or 2, you win nothing. You are going to play the game twice. Let X be...
Problem 1. Suppose we are betting money on the outcome of a game of chance with two outcomes (e.g. roulette). If we gue...
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...
In the game of roulette, a player can place a $10 bet on the number 6 and have a 1/38 probability of winning. If the me...
In the game of roulette, a player can place a $10 bet on the
number 6 and have a 1/38 probability of winning. If the metal ball
lands on 6, the player gets to keep the $10 paid to play the game
and the player is awarded an additional $350. Otherwise, the player
is awarded nothing and the casino takes the player's $10. What is
the expected value of the game to the player? If you played the
game 1000...
7. In the game of American roulette, a player can place a d probability of winning. If the metal ...
7. In the game of American roulette, a player can place a d probability of winning. If the metal ball lands aS 5 bet on the manber 17 and h on 17, the player gets to keep the to play the game and the player is aware is awarded mothing, and the casino takes the player's s is "warded anadditional S 175-Oherwise, the player a probability distribution for the proft of the same to the plnyer JAptl b) What is...
Problem 1. You enter a chess tournament where your probability of winning a game is 0.54...
Problem 1. You enter a chess tournament where your probability of winning a game is 0.54 against 20% the players (call them type 1), 0.31 against other 10% of the players (call them type 2), and 0.15 against the remaining 70% players (call them type 3) (a) You play a game against a randomly chosen opponent. What is the probability of winning? (b) Suppose that you were the winner of a game. What is the probability that your oppo- nent...
Need to show work 14. The casino game of American Roulette consists of a circular wheel...
Need to show work
14. The casino game of American Roulette consists of a circular wheel with 38 spots. Thirty six of the spots are numbered 1, 2, 3, .., 36. Eighteen of these numbers are colored black and the other eighteen are colored red. The remaining two spots are colored green with no number assignment. If you play a color (either red or black), the casino will pay you even odds. That is, if you play black and wager...
(6(4 pts) A player (Joe) goes to a casino and plays a fair game. The player...
(6(4 pts) A player (Joe) goes to a casino and plays a fair game. The player may wager any amount of money. There is a 0.5 probability of winning. If the player wins, then the player get twice the amount of the bet in winnings. If the player loses, the player gets nothing. Think of betting on a coin toss. If you win you double your money, if you lose you lose your money. This is a "fair" game because...
A roulette wheel has 38 slots, numbered 0 , 00 , and 1 to 36 ....
A roulette wheel has 38 slots, numbered 0 , 00 , and 1 to 36 . The slots 0 and 00 are colored green, 18 of the others are red, and 18 are black. The dealer spins the wheel and, at the same time, rolls a small ball along the wheel in the opposite direction. The wheel is carefully balanced so that the ball is equally likely to land in any slot when the wheel slows. Gamblers can bet on...
Question Help In a state's Pick 3 lottery game you pay 50 83 to select a...
Question Help In a state's Pick 3 lottery game you pay 50 83 to select a sequence of three digits (from 0 to 9), such as 922. If you select the same sequence of three digits that are drawn, you win and collect $286.53 Complete parts (a) through (e). b. What is the probability of winning? 0.001 (Type an integer or a decimal) c. If you win, what is your net profit? S285.70 (Type an integer or a decimal) d....
Can someone do 28, 32, 40, and 44
198 CHAPTER 3 Probability c. Use the results of parts a and b to find ed value of Cash 4 admission to college); the Law School Admissions Test, or LSAT; and the Graduate Record Exam, GRE (used for admission to graduate school). 32. New York's "Pick 10" is a 10/80 lottery Sometimes, these maltiple-choice tests discourage guessing by subtracting points for wrong answers In particular, a correct answer will be worth +1...
In a particular game, a fair die is tossed. If the number of spots showing is a six, you win $6, if the number of spots showing is a five, you win $3, if the number of spots showing is 4, you win $2, and if the number of spots showing is 3, you win $1. If the number of spots showing is 1 or 2, you win nothing. You are going to play the game twice. Let X be...
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...
In the game of roulette, a player can place a $10 bet on the
number 6 and have a 1/38 probability of winning. If the metal ball
lands on 6, the player gets to keep the $10 paid to play the game
and the player is awarded an additional $350. Otherwise, the player
is awarded nothing and the casino takes the player's $10. What is
the expected value of the game to the player? If you played the
game 1000...
7. In the game of American roulette, a player can place a d probability of winning. If the metal ball lands aS 5 bet on the manber 17 and h on 17, the player gets to keep the to play the game and the player is aware is awarded mothing, and the casino takes the player's s is "warded anadditional S 175-Oherwise, the player a probability distribution for the proft of the same to the plnyer JAptl b) What is...
Problem 1. You enter a chess tournament where your probability of winning a game is 0.54 against 20% the players (call them type 1), 0.31 against other 10% of the players (call them type 2), and 0.15 against the remaining 70% players (call them type 3) (a) You play a game against a randomly chosen opponent. What is the probability of winning? (b) Suppose that you were the winner of a game. What is the probability that your oppo- nent...
Need to show work
14. The casino game of American Roulette consists of a circular wheel with 38 spots. Thirty six of the spots are numbered 1, 2, 3, .., 36. Eighteen of these numbers are colored black and the other eighteen are colored red. The remaining two spots are colored green with no number assignment. If you play a color (either red or black), the casino will pay you even odds. That is, if you play black and wager...
(6(4 pts) A player (Joe) goes to a casino and plays a fair game. The player may wager any amount of money. There is a 0.5 probability of winning. If the player wins, then the player get twice the amount of the bet in winnings. If the player loses, the player gets nothing. Think of betting on a coin toss. If you win you double your money, if you lose you lose your money. This is a "fair" game because...
Question Help In a state's Pick 3 lottery game you pay 50 83 to select a sequence of three digits (from 0 to 9), such as 922. If you select the same sequence of three digits that are drawn, you win and collect $286.53 Complete parts (a) through (e). b. What is the probability of winning? 0.001 (Type an integer or a decimal) c. If you win, what is your net profit? S285.70 (Type an integer or a decimal) d....
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