ZuoTi.Pro
Question

Suppose you pay $1.30 to roll a fair 15-sided die with the understanding that you will...

Suppose you pay $1.30 to roll a fair 15-sided die with the understanding that you will get $3.10 back for rolling a 1, 2, 3, or 4. Otherwise, you get no money back. What is your expected value of gain or loss? Round your answer to the nearest cent (i.e. 2 places after the decimal point), if necessary. Do NOT type a "$" in the answer box.

Expected value of gain or loss: $

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 you pay $1.30 to roll a fair 15-sided die with the understanding that you will...
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

  • Suppose you pay $0.30 to roll a fair 9-sided die with the understanding that you will...

    Suppose you pay $0.30 to roll a fair 9-sided die with the understanding that you will get $0.70 back for rolling a 1, 2, or 3. Otherwise, you get no money back. What is your expected value of gain or loss?

  • 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)

  • Suppose you are rolling a fair four-sided die and a fair six-sided die and you are...

    Suppose you are rolling a fair four-sided die and a fair six-sided die and you are counting the number of ones that come up. What is the probability that both die roll ones? What is the probability that exactly one die rolls a one? What is the probability that neither die rolls a one? What is the expected number of ones? If you did this 1000 times, approximately how many times would you expect that exactly one die would roll...

  • Consider a game where you roll a six-sided die and a four-sided die, then you subtract...

    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...

  • Consider the setting where you first roll a fair 6-sided die, and then you flip a...

    Consider the setting where you first roll a fair 6-sided die, and then you flip a fair coin the number of times shown by the die. Let D refer to the outcome of the die roll (i.e., number of coin flips) and let H refer to the number of heads observed after D coin flips. (a) Suppose the outcome of rolling the fair 6-sided die is d. Determine E[H|d] and Var(H|d). (b) Determine E[H] and Var(H).

  • 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 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 $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)

  • please answer clearly 5. Suppose you pay $2.00 to roll a fair die with the understanding...

    please answer clearly 5. 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 you win (or lose)? A) $-1.00 B) S-0.33 C) S-2.33 D) S-1.33 E) None of the Above 15. Use the given sample data: construct a 95% confidence interval for the population mean: n = 13, xbar = 14.2, s = 2.7 A) (11.91, 16.49)...

  • 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 $9. If you roll a 3, 4 or 5, you win $4. Otherwise, you pay $2. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to decimal places where appropriate. Probability Distribution Table Х P(X) b. Find the expected profit. 5 (Round to the nearest cent) c. Interpret the...

  • 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....

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