ZuoTi.Pro
Question

Suppose that in a certain game you roll a die, and get winnings equal to $100...

Suppose that in a certain game you roll a die, and get winnings equal to $100 times the amount shown on the die. If you want to, you can roll again up to a total of three times. However, each time you roll again, you forfeit your previous winnings. You decide to take the following strategy: choose a number i, and if you ever get i or above, stop and collect your winnings, otherwise roll again. What is the value of i which maximizes your expected winnings?

math   Statistics-And-Probability   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

0 0
Add a comment
Know the answer?
Add Answer to:
Suppose that in a certain game you roll a die, and get winnings equal to $100...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • You and your opponent both roll a fair die. If you both roll the same number,...

    You and your opponent both roll a fair die. If you both roll the same number, the game is repeated, otherwise whoever rolls the larger number wins. Let N be the number of times the two dice have to be rolled before the game is decided. (d) Assume that you get paid $10 for winning in the first round, $1 for winning in any other round, and nothing otherwise. Compute your expected winnings. Answer: (d) You get paid $10 with...

  • The Die is Cast: Imagine a fair die with six faces numbered 1,2,3,4,5,6. You will get...

    The Die is Cast: Imagine a fair die with six faces numbered 1,2,3,4,5,6. You will get to spin the die 3 times. After the first spin, you can choose to be paid dollars equal to the number shown on the die. If you choose to accept the money, the game ends. If you choose to continue, the die is spun again, and again you can accept dollar payment equal to the number showing on the die, at which point the...

  • 10. You roll a fair die repeatedly. If it shows 1, you must stop, but you may choose to stop at a...

    10. You roll a fair die repeatedly. If it shows 1, you must stop, but you may choose to stop at any prior ro Your score is the square of the number shown by the die on the final roll. Suppose you decide to stop if it shows a number greater than or equal to i. Determine the i that results in the maximum expected score. 10. You roll a fair die repeatedly. If it shows 1, you must stop,...

  • The Dice game of "Pig" can be played with the following rules. 1. Roll two six-sided dice. Add the face values...

    The Dice game of "Pig" can be played with the following rules. 1. Roll two six-sided dice. Add the face values together. 2. Choose whether to roll the dice again or pass the dice to your opponent. 3. If you pass, then you get to bank any points earned on your turn. Those points become permanent. If you roll again, then add your result to your previous score, but you run the risk of losing all points earned since your...

  • The following dice game is offered to you. You may simultaneously roll one red die and...

    The following dice game is offered to you. You may simultaneously roll one red die and three blue dice. The stake is $1. If none of the blue dice matches the red die, you lose your stake; otherwise, you get anyway paid k + 1 dollars if exactly k of the blue dice match the red die. In the case that exactly one blue die matches the red die, you get paid an additional $0.50 if the other two blue...

  • you roll a 20-sided die, numbered 1-20. If the number you roll is odd, you get...

    you roll a 20-sided die, numbered 1-20. If the number you roll is odd, you get paid that amount in dollars (you roll a 3, you get $3.00). If the number you roll is even, you get paid nothing. What is your expected payoff from this game? Answer to nearest cent

  • Suppose you pay $2.00 to roll a fair die with the understanding that you will get...

    Suppose you pay $2.00 to roll a fair die with the understanding that you will get back $5.00 for rolling a 4 or a 2, nothing otherwise. What is the expected amount to win (or lose)

  • I'm writing a program in game for a dice game. During the game you decide if...

    I'm writing a program in game for a dice game. During the game you decide if you want to roll or pass to the next player, mine so far will just keep rolling until you roll the same number again (besides six) and then move to the next player. How do I get it to manually change players by the player response "y" or "n"? This is what I have for this part of the game simulator and it doesn't...

  • Suppose you roll two 4 sided dice. Let the probabilities of the first die be represented...

    Suppose you roll two 4 sided dice. Let the probabilities of the first die be represented by random variable X and those of the second die be represented by random variable Y. Let random variable Z be |X-Y|. The range of Z will be from 0 to 3. 1. Find E(Z). 2. Find P(Z = 1|Z <3). 3. What is the probability that you have to play the game 4 times before you roll Z=3? 4. What is the probability...

  • Suppose you roll two 4 sided dice. Let the probabilities of the first die be represented...

    Suppose you roll two 4 sided dice. Let the probabilities of the first die be represented by random variable X and those of the second die be represented by random variable Y. Let random variable Z be (X+Y). The range of Z will be from 2-8. 1.(2.5 points) Find E(Z). 2. (2.5 points) Find P(Z = 71Z > 5). 3.(2.5 points) What is the probability that you have to play the game 4 times before you roll Z=7? 4. (2.5...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT