(2) At Quark's casino, there is a game called "High Five", where you paid $1 to roll a fair die once. If a 5 shows up, you get back $5, nothing otherwise. (a) Let X be the amount of money you WIN by playing this game. Fill in the details in the table below. Probability Distribution for x P(X=x) (b) Calculate E(X), the expected amount of money you win by playing this game. (c) Is the outcome of this game favorable to you or to Quark's casino? (d) Calculate Var(X).
(2) At Quark's casino, there is a game called "High Five", where you paid $1 to roll a fair die once. If a 5 shows up, you get back $5, nothing otherwise. (a) Let X be the amount of money you WIN by playing this game. Fill in the details in the table below. Probability Distribution for x P(X=x) (b) Calculate E(X), the expected amount of money you win by playing this game. (c) Is the outcome of this game favorable to you or to Quark's casino? (d) Calculate Var(X).
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 10ECP: In Example 10, researchers selected five people at random from the population. What is the...
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(2) At Quark's casino, there is a game called "High Five", where you paid $1 to roll a fair die once. If a 5 shows up, you get back $5, nothing otherwise.
(a) Let X be the amount of money you WIN by playing this game. Fill in the details in the table below.
x | P(X=x) |
---|---|
(b) Calculate E(X), the expected amount of money you win by playing this game.
(c) Is the outcome of this game favorable to you or to Quark's casino?
(d) Calculate Var(X).
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