A card is drawn from a standard 52-card deck. Calculate the expected value for the game. A player must pay 12 dollars to play the game, which must be subtracted from the winnings. If a heart is drawn, the player wins 19 dollars; otherwise, they lose their 12 dollars. Calculate the price that would make the game fair.

Q: Richie’s Insurance Company offers a $250,000 life insurance policy for a premium of $750 per year.…

A: Expected value :- E(X) = ∑xP(x)

Q: A carnival game consists of a player paying $1 to guess the result of the toss of a fair 6-sided…

A: Given:  Player has to pay $1 to play the game. 6-Sided die is fair. Player wins $5 if wins the game.…

Q: A grab bag contains 12 packages worth $0.80, 15 packages worth $0.40 and 25 packages worth $0.30.…

A: A garb contains totally 52 packages in which 12 packages worth $0.80, 15 packages worth $0.40 and 25…

Q: In American Roulette, a bettor may place a $1 bet on any of the 38 numbers on the roulette wheel.…

A: We have given,Total number on the roulette wheel = 38Probability of getting a number (winning bet) =…

Q: In a game, you have a 1/43 probability of winning $142 and a 42/43 probability of losing $6. What is…

A: The probability of winning $142 is 1/43 and the probability of losing $6 is 42/43.

Q: The finance class has 11 students, what are the odds that all 11 students are men? what is the…

A: Odds in favor of an event is defined as the ratio of the number of outcomes favorable to that event…

Q: Use a formula to determine the expected probability of an event

A: we have to tell among which of the option describes the theoretical proability.

Q: you draw a single card from a standard 52-card deck. Of it is an ace, you win $104. Otherwise you…

A: There are total 4 aces in a standard deck of cards.  So the probability of picking an ace is = 4/52=…

Q: Use the law of Large Numbers to interpret both the probability and the odds of getting a black card…

A: Probability: It is the ratio of chance of getting an event given from the proportion that the number…

Q: In a raffle, one ticket out of 1,000 will win a $130 prize. The rest will win nothing. If you have a…

A:

Q: In a standard deck of cards, what is the probability of picking a black face card?  [ P(black face…

A:

Q: When two unbiased dice are thrown, find the expected value

A:

Q: What is the probability that one orders a meal that does not have juice?

A: Question 23: There are three main Couse, two side dish, and two drinks. The total possible outcomes…

Q: An American roulette wheel has 38 spaces and if a player wins they keep their bet. Suppose that a…

A:

Q: Compute the expected value of a $25 bet on a four-number “square” in Roulette from the viewpoint of…

A: There are 4 numbers and one number is the winning number.  So, the probability of winning = 1/4…

Q: You are playing a game: When you toss a die and get a 1 or 2, you pay $4 If you get 3, 4, 5, or 6,…

A:

Q: It is known that a game of chance costs $1 to purchase a ticket, and pays out $120 if you win. The…

A:

Q: Given that a Condo is purchased, what is the probability the mortgage is Adjustable?

A: The given summarized table is, From the table,  The probability of condo is purchased is,

Q: What is the probability that a five-card poker hand contains exactly two aces?

A: There are 52 cards in the standard deck and 4 aces.

Q: An insurance company sells a policy for $800. There is a 1/20 chance that the insurance company will…

A: Random variables are of 2 types, discrete and continuous. A discrete random variable can only take…

Q: Given a fair coin and a fair 6-sided die, what is the the probability that a single flip of the coin…

A: Given a fair coin and a fair 6-sided die Let P(A) = P(a fair coin is tossed) = 12       P(B) = P(a…

Q: Derive the expected value of Y? (0, else

A: Given:  Distribution function of Lifespan of bulb is given  f(y)=(y*e^-y/10)/100      : y>0  Then…

Q: Caleb has a four-sided die, a six-sided die, and a 12-sided die. He rolls the three dice and adds up…

A: Given data: The number of the four-sided dies is a=1. The number of the six-sided dies is b=1. The…

Q: what is the expected number of tails?

A:

Q: Find the expected value (for the participants) for lottery with 4000 sold tickets by price $50.00…

A: Given data is : 4000 ticket Price per ticket is $50.00 One winning ticket is $12000

Q: what is the probability of selecting a diamond from a standard deck of cards?

A: Here we need to find the probability of selecting a diamond from a standard deck of cards. We know…

Q: What is the probability of drawing a diamond or an ace from a standard deck of cards ?

A: We have to find given probability

Q: d. What is the probability that two or more online retail orders will turn out to be fraudulent?

A: Let p = probability of being fraudulent. Given that p = 0.08 Let X denote the number of fraudulent…

Q: It costs $2 to buy a raffle ticket. If there are 500 tickets sold, and there is one first prize of…

A:

Q: The prizes that can be won in sweepstakes are as​ follows: $70​ (1/40 chance),​ $20 (9/40​ chance).…

A: Let x be the profit of prizes that can be won in sweepstakes. The entry cost is $10. From the…

Q: What is the probability that a poker hand contains cards of five different ranks but does not…

A:

Q: What is the expected value of your bet

A: here given, you and a friend are playing cards and decide to make a bet. If you draw two clubs in…

Q: What is the probability of rolling a 3 on a six-sided die and a two-sided coin landing on heads?

A:

Q: A card is drawn from a standard 52 card deck. Calculate the expected value for the game. A player…

A: Given that if a diamond is drawn, The player wins $22. otherwise, they lose and win nothing.    In a…

Q: Suppose that you and a friend are playing cards and decide to make a bet. If you draw three fives in…

A: GivenIf you draw three fives in succession from a standard deck of 52 cards with replacement, you…

Q: In a proposed business venture, a company estimates that there is a 60% chance the company will make…

A: Introduction: Hey there! Thank you for the question. As you have posted multiple questions,…

Q: A box contains 5 red and 4 green marbles. If 6 marbles are drawn without replacement, what is the…

A: We have given that Number of success (k) = 5 Population size (N) = 5+4 = 9 Sample size (n)  = 6

Q: When two dice are thrown, find the expected values of the sum of number points on them.

A: Answer: For the given data,

Q: Find the expected value for a person that buys one ticket

A: Expected value = number of required/ number of total

Q: What is the probability that a shopper will check prices online but not use online coupons or a…

A: Venn diagram uses circle to represent a set. The overlapping portions of circles represents the…

Q: (b) What is the probability that Kedah FC will win?

A: Given , P( wet day ) = 2/5 P( Dry day ) = 1 - 2/5 = 3/5 P( win | Dry day ) = 3/7 P( win | wet day )…

Q: A carnival game consist of a player paying a dollar to guess the result of a fair 6 sided die if the…

A: Given A carnival game consist of a player paying a dollar to guess the result of a fair 6 sided die…

Q: If our goal was to play roulette so that we can "win it big". What does the expected value of a bet…

A: We all dream of winning big, becoming an instant millionaire; but how likely is that?

Q: If the publishing company has a total of 280 sales representatives, what is the expected bonus that…

A: The given data is, X P(X) X*P(X) 24000 0.11 2640 13000 0.35 4550 6000 0.12 720 Total 1…

Q: You draw and keep a single coin from a bowl that contains 12 pennies, 9 dimes, and 20 quarters. What…

A: The given information is that the bowl contains the12 pennies, 9 dimes, and 20 quarters.It is known…

Q: a) what is the probability that you need to approach exactly 6 people to find 3 left-handed…

A: Let p be the probability of being left handed. Given that p = 0.12 Let X denote the number of…

Q: What is the relationship between two events if the conditional probability is equal to the…

A: Given if P(A|B) = P(A)

Q: What is the Expected value if there is a probability of .70 that you Win $14,000,and a probability…

A: Expected value: The expected value of a random variable is the sum of the possible values that the…

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.