At a casino in Las Vegas, you are considering placing a bet either the number 7 in roulette or on the “pass line” in the dice game of craps.   a) If you bet $5 on the number 7 in roulette, the probability of losing $5 is 37/38 and the probability of making a net gain of $175 is 1/38. Find your expected value if you make this bet.   b) If you bet $5 on the pass line in the dice game of craps, the probability of losing $5 is 251/495 and the probability of winning $5 is 244/495. Find your expected value if you make this bet.   c) Which bet is better? Why?

Q: In a large casino, the house wins on one of its games with a probability of 51%. 1:1, meaning that…

A: NOTE-AS PER POLICY I HAVE CALCULATED FIRST MAIN QUESTION ONLY.

Q: In a gambling game, on every play, there is a 0.1 probability that you win $11 and a 0.9 probability…

A: given that 0.1 probability of winning $11 0.9 probability of loosing $3 Xi 11 -3 P(Xi) 0.1 0.9…

Q: In the game of​ roulette, a player can place a ​$5 bet on the number 35  and have a 1/38 probability…

A: Given information- We have given that in the game of​ roulette, a player can place a ​$5 bet on the…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A:

Q: Which would be likelier to happen: Rolling at least one ‘six’ in four throws of a single die, or…

A: Total number of possible outcomes to roll a die = 6  That is, 1, 2, 3, 4, 5, 6 P( getting 6 ) = 1/6…

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: the game of roulette, a player bets $5 on a number and has a 1/38 chance of winning. If he wins, he…

A:

Q: In the game of roulette, a player can place a $4 bet on the number 9 and have a probability of…

A:

Q: a. From the perspective of the 50-year-old female, what are the values corresponding to the two…

A: Here it is given that, there is a 0.9968 probability that a randomly selected 50-year-old female…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given, Probablity of surviving is 96.9%.  Premium charged by BIC is 8416 silver coins. Death benifit…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Solution: Given information:   The probability of surviving insurance a quest is 80.9% = 0.809 given…

Q: 3. A risk-averse individual is offered a choice between a gamble that pays P1000 with a probability…

A: Expected value is the measure that explain the average value. It is calculated by the combined value…

Q: Suppose that you and a friend are playing cards and decide to make a bet. If you draw two non-face…

A: Given information: The number of cards in a deck is 52. The set of 52 cards are divided into 4…

Q: When you bet $5 on the number 7 in roulette at a typical casino, you have a 37/38 probability of…

A: We know that the expected value E(X) for a discrete variable X is given by  E(X)=∑ixiP(xi)  where X…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given Data: Probability of surviving=0.865 Probability of death=1-0.865=0.135 Premium=7905 Death…

Q: A contractor is considering a sale that promises a profit of $23,0000 with a probability of 0.7 or a…

A:

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Final answer is: 5446 silver coins

Q: Will be (a) What is the probability that none of the balloons in a packet will be defective? (b)…

A: Here AS PER guidelines I HAVE CALULATED 3 subparts  here  p = probability of defective balloon =…

Q: 3. According to a July, 1999, article in the New York Times, venture capitalists had this rule of…

A: Solution

Q: A contractor is considering a sale that promises a profit of $31,000 with a probability of 0.7 or a…

A: Profit is $31,000 with probability of 0.7. Loss is $13,000 with probability of 0.3.

Q: In a large casino, the house wins on one of its games with a probability of 51%. All bets in the…

A:

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: From the given information, the probability of surviving such a quest is 94.0% and the probability…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Formula :  Expected value = ∑xP(x)

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: In statistics, the continuous variables are variables whose values can be given by an interval, they…

Q: In the game of roulette, a player can place a $5 bet on the number 9 and have a an probability of…

A: P(winning) = 1/38 Amount on winning = 175 P(loss) = 1-1/38 = 37/38 Amount on losing = -5

Q: In the game of​ roulette, a player can place a ​$10 bet on the number 1 and have a 1/38 probability…

A: We have to find expected value of game.

Q: contracter is considering a sale that promises a profit of $31,000 with a probability of .7 or a…

A: x p(X) xp(X) 31000 0.7 21700 -4000 0.3 -1200

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: From the information, the probability of surviving such a quest is 0.955 and the probability of not…

Q: . Sasuke of Hokage Design and Build Company has two bidding appointments on a given day. At the…

A: Correct option is d) 14750

Q: In the game of roulette, a player can place a $4 bet on the number 32 and have a probability of…

A:

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A:

Q: A roulette wheel has 38 slots and a ball that rolls until it falls into one of the slots, all of…

A: Given: 38 slots 18 slots-black  18 slots- red 2 slots-green We are going to bet on red

Q: If BIC charge

A:

Q: In the New Jersey and Nevada gaming casinos, craps is a popular gambling game. One of the many bets…

A: As given one of the many bets available is the “Hard-way 8.” A $1 bet in this fashion will win the…

Q: In the Game of roulette, a player can place a $5 bet on the number 18 and have a 1/38 probability of…

A: Given that, the amount of winning is $175. The probability of winning is 138. Thus, probability of…

Q: In a game of Jack n Poy, the player that wins 3 times out of 5 games is declared the winner. suppose…

A: Jack n Poy is a game performed by two players. Here, P(winning one time) = 1/2.

Q: A church is holding a raffle and sells 500 tickets for $2 each. If the church awards one $100 first…

A: There is one $100 prize  So the probability of winning $100 is = 1/500    there are two $50 prize So…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A:

Q: A contractor is considering a sale that promises a profit of $26,000 with a probability of 0.7 or a…

A:

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: From the given information, the probability of surviving such a quest is 84.0% and the probability…

Q: An airline is considering adding a route to the city of Buffalo, NY. Market research predicts that…

A: Let 'X' represent the return amount after adding a route to the city, and 'PX' represent the…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given data

Q: From experience, the human resources director of a certain company estimates that, for a particular…

A: Let us assume that Q=qualified A=pass the selection process Given that P(Q)=80%=0.80 P(A|Q)=85%=0.85…

Q: Approximately 75% of all marketing personnel are extroverts, whereas about 60% of all computer…

A: Binomial distribution: A random variable X is said to be binomial distribution if it assumes only…

Q: A church is holding a raffle and sells 500 tickets for $2 each. If the church awards one $100 first…

A: Note:Hey there! Thank you for posting the question. Your question says “what is the expected value…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given that, Probability of surviving = P(Surviving) = 95.8% = 95.8 ÷ 100 = 0.958 Probability of…

Q: In the game of​ roulette, a player can place a ​$5 bet on the number 20 and have a 138…

A: Given:

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: The probability of surviving a quest is 0.892.

Q: In the game of roulette, a player can place a $5 bet on the number 7 and have a 1/38 probability of…

A: E[x] = ∑xP(x) P(x) = 1/38 , x = 175  and....

Q: According to a study done at Otago University Wellington, the probability a randomly selected…

A: Obtain the probability that at least 3 of the people will not cover their mouth when they sneeze.…

Compound Probability

Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent. 

Tree diagram

Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described. 

Conditional Probability

By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.