Question 3 (15 pts). A gambler plays a game in which a fair 6-sided die will be rolled. He is all...
(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...
Suppose a casino has a game where a fair six-sided die is rolled. If an odd number is rolled, the player loses $2. If a six is rolled, the player wins $20. Otherwise, the player loses $1. If a player played this game 1000 times, how much money should he expect to gain (or lose)? Show work.
3.13. Bachelier's martingale. Consider a game that, at each coup, pays a to with probability p, where 0<p < 1; otherwise the amount of the bet is lost. A gambler with initial fortune 3 bets his entire fortune at each coup until he loses. Under what conditions on a, 3, and p is the gambler's sequence of fortunes a martingale? ... a supermartingale?... a submartingale? Hint. Let Mn be the gambler's fortune after n games with Mo B given. Introduce...
Bob plays a game in which he rolls a pair of fair 6-sided dice once. He adds the number of dots on both dice to create a sum. He loses $1 if he rolls a sum less than 5 doesn’t win or lose anything if he rolls a sum that is higher than 4, but less than 8 wins $1 if he rolls a sum that’s higher than 7 but less than 12 wins $2 if he rolls a sum...
7. (3 points) Given a fair 6-sided die. Each time the die is rolled, the probabilities of rolling any of the numbers from 1 to 6 are all equal. 1) If it is rolled once and let A be the event of rolling a number larger than 3 and B be the event of rolling an odd number. What is P(AV B)? 2) If it is rolled three times, what is the probability that the same number shows up in...
In the carnival game Under-or-Over-Seven, a pair of fair dice is rolled once, and the resulting sum determines whether the player wins or loses his or her bet. For example, using method one, the player can bet $2.00 that the sum will be under 7, that is, 2, 3, 4, 5, or 6. For this bet, the player wins $2.00 if the result is under 7 and loses $2.00 if the outcome equals or is greater than 7. Similarly, using...
Two identical fair 6-sided dice are rolled simultaneously. Each die that shows a number less than or equal to 4 is rolled once again. Let X be the number of dice that show a number less than or equal to 4 on the first roll, and let Y be the total number of dice that show a number greater than 4 at the end. (a) Find the joint PMF of X and Y . (Show your final answer in a...
1.A fair six-sided die is rolled. {1, 2, 3, 4, 5, 6} Let event A = the outcome is greater than 4. Let event B = the outcome is an even number. Find P(A|B). A.0 B.1/3 C.2/3 C.3/3 2.A student stays at home. Let event N = the student watches Netflix. Let event Y = the student watches the very educational youtube videos made by her/his instructor.Suppose P(N) = 0.1, P(Y) = 0.8, and P(N and Y) = 0. Are N and...