Determine the expected value of the following two games: (a) The Six Dollars Per Six game costs nothing to play and consists of rolling a 6-sided dice, over and over again, until a 1 or 2 or 3 or 4 or 5 is rolled. You win $6 for every 6 rolled, but if a 1 or 2 or 3 or 4 or 5 is rolled at any time the game ends. (b) The Thousand Dollar Ace game costs $20 to play and consists of randomly selecting two cards, without replacement, from a standard deck of 52 cards. If one Ace is selected you win $100. If two Aces are selected, you win $1000.

Determine the expected value of the following two games: (a) The Six Dollars Per Six game costs nothing to play and consists of rolling a 6-sided dice, over and over again, until a 1 or 2 or 3 or 4 or 5 is rolled. You win $6 for every 6 rolled, but if a 1 or 2 or 3 or 4 or 5 is rolled at any time the game ends. (b) The Thousand Dollar Ace game costs $20 to play and consists of randomly selecting two cards, without replacement, from a standard deck of 52 cards. If one Ace is selected you win $100. If two Aces are selected, you win $1000.

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter14: Counting And Probability

Section14.CR: Chapter Review

Problem 9CC: a Suppose that a game gives payouts a1,a2,...,an with probabilities p1,p2,...pn. What is the...

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