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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 X P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. O You will win this much if you play a game. O This is the most likely amount of money you will win. O If you play many games you will likely win on average very close to $1.17 per game.

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 X P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. O You will win this much if you play a game. O This is the most likely amount of money you will win. O If you play many games you will likely win on average very close to $1.17 per game.

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section: Chapter Questions
Problem 35T
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Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $18. If you roll a 4 or 5, you win $5. Otherwise, you pay $7. 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 X P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. O You will win this much if you play a game. O This is the most likely amount of money you will win. O If you play many games you will likely win on average very close to $1.17 per game. d. Based on the expected value, should you play this game? O No, this is a gambling game and it is always a bad idea to gamble. O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost. O Yes, because you can win $18.00 which is greater than the $7.00 that you can lose. O No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Hint: Hint Video on Expected Value [+] MacBook Air 80 DII F3 F9 F4 F6 F8 # 3 $ 4 % 5 F5 6 & 7 8 F7 * 8 9 0 F
Transcribed Image Text:Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $18. If you roll a 4 or 5, you win $5. Otherwise, you pay $7. 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 X P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. O You will win this much if you play a game. O This is the most likely amount of money you will win. O If you play many games you will likely win on average very close to $1.17 per game. d. Based on the expected value, should you play this game? O No, this is a gambling game and it is always a bad idea to gamble. O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost. O Yes, because you can win $18.00 which is greater than the $7.00 that you can lose. O No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Hint: Hint Video on Expected Value [+] MacBook Air 80 DII F3 F9 F4 F6 F8 # 3 $ 4 % 5 F5 6 & 7 8 F7 * 8 9 0 F
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