If you charge $3 to play a game of chance and the expected value is - $2, then what is the fair price?

Q: You draw and keep a single bill from a hat that contains a ​$1​, ​$5​, ​$10​, and ​$100 bill. What…

A: Expected value = Mean: The mean is the sum of observations divided by number of observations. that…

Q: Solve the following problems completely. 1. A roulette wheels contains 50 numbers: 30 are red and 20…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

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: Supposed a certain game is fair and costs $6 if you lose and has a net payoff of $9 if you win. The…

A: To find: What is the probability of winning?

Q: Consider a game where there is a $2,520 prize if a player correctly guesses the outcome of a fair…

A: Given information: Consider a game where there is a $2,520 prize if a player correctly guesses the…

Q: George has $7,500 to invest in a mutual fund. The expected return on mutual fund A is 10% and the…

A: We need to choose correct option.

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: When playing roulette at a casino, a gambler is trying to decide whether to bet $15 on the number 11…

A: Given Information: The bet amount for number 11= $15 Bet amount for 00,0,1 =$15 The expected value…

Q: 5. In the "long run," what is the expected profit, or loss, per game if you pay $2 to play a game…

A: Given that, you pay $2 to play a game and receive $10 if you throw a "doubles" on a single throw of…

Q: you invent a game that costs 2 dollars to play where a single die is rolled. if a 4 comes up you win…

A:

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: When you roll two 6-sided dice, if the number 1 appears on both dice (each die has one dot on the…

A: Probability: Probability is a chance factor that occurs at every outcome of a random experiment.…

Q: If your expected value when playing a $1 game of roulette is −$0.05, then after playing the game 100…

A: In the question it is asked to find the netted amount.

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 20…

A:

Q: 2. In a playing card, a woman is paid P300 if she draws a jack or a queen and P500 if she draws a…

A:

Q: 2. You are invited to play a game in which you roll two fair dice. If you roll a 7, you eds- in…

A:

Q: Kyd and North are playing a game. Kyd selects one card from a standard 52-card deck. If Kyd selects…

A: a) From given data: X P(X=x) 4 3/13 -3 10/13   E(X)=4×313+-3×1013=-1.38   Therefore, Kyd's…

Q: Two coins are flipped. you win $2 if either 2 heads or 2 tails turn up; you lose $3 if a dead and a…

A: A) Let, H=head and T=tail When a coin is flipped then outcomes are {HH, HT,  TH, TT}. total 4…

Q: Bill and Larry toss two coins. If both coins come up heads, Bill pays Larry $2. Larry pays Bill $1…

A: As given above Bill and Larry toss two coins. If both coins come up heads. The possible outcomes…

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

A:

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

A: a) The probabilities of getting the selected number in roulette is 1/38.

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 25…

A: Given :  There is a probability of 5/38 of making a net profit of $60 and a 33/38 probability of…

Q: In probability, a fair game is when expected value is positive. True O False

A: Probability is a branch of mathematics or statistics which basically deals with the chances of…

Q: Your friend has a coin-flipping game that he wants you to play. It cost you $2 each time. You flip…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer one question at a…

Q: You're playing a dice game where you pay $1 to play, you win $1 if you roll an even number and lose…

A: Probability of getting even number = 3/6 = 1/2 Probability of getting odd number = 3/6 = 1/2

Q: At a casino in Las Vegas, you are considering placing a bet either the number 7 in roulette or on…

A: we know that expectation is given as E(X)=∑ixip(xi) a) The expected value is…

Q: The following card game with a well shuffles deck of cards. If you draw a red card, you win nothing.…

A: In a well-shuffled deck of 52 cards, there are four suits, hearts, clubs, spades, and diamonds, each…

Q: In a gambling game a person draws two cards from an ordinary 52-card playing deck. A person is paid…

A: Given, No of cards n = 52 draws 2 cards $100 if both are aces $50 if one of them is ace otherwise…

Q: You draw and keep a single bill from a hat that contains a ​$1​, ​$10​, ​$20​, and ​$50…

A: Let X be the random variable . Expected value of X is denoted as E(X) and It is defined as follows…

Q: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you…

A:

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 31…

A: Answer is explained below

Q: Bill & Larry toss 2 coins. If both coins come up heads, Bill pays Larry $4. Larry pays Bill $1…

A: Solution: 1. Suppose the two coins are tossed. The sample space is The number of possible outcomes…

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: friend devises a game that is played by rolling a single six-sided die once. If you roll a 6, he…

A: Given friend devises a game that is played by rolling a single six-sided die once. If you roll a 6,…

Q: n a coin and die game, you roll a fair six-sided die and toss a coin. If you roll a 6 and toss a…

A: P(getting a 6 in die) = 16 P(getting a tail in coin) = 12 P(getting a 6 in die and tail in coin) =…

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 13…

A: a. The expected value for the $5 bet that the outcome is 00, 0, 1, 2, or 3 is $-0.658 and it is…

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $15 on the number 16…

A: Expected value: The expected value is the sum of the product of the observed value to the…

Q: Richies insurance company offers a 250,000 life insurance policy for a premium of $750 per year. If…

A: Let X be the net value of the policy to the insurance company. X be the discrete random variable.…

Q: Hector plays a game with a friend. They have a bag which contains 13 red stones and 3 black stones.…

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

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: Consider the St. Petersburg Paradox problem first discussed by Daniel Bernoulli in 1738. The game…

A: Given information: Here, the game consists of tossing a coin. The number of times, the coin is…

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: b) Suppose that you and a friend are playing cards and decide to make a bet. If your friend draws…

A: Probability of getting heart on the first draw=1352 Probability of getting heart on the second…

Q: What is the expected value if I buy 10 tickets (at $2 each) for a pick-8 game of Keno?  a. -$5.70…

A: It is not given that how many of total numbers are there in pick up game. Usually there are total of…

Q: You draw and keep a single bill from a hat that contains a $1,$10,$20, and $100 bill. What is the…

A:

Q: suppose it costs $14 to roll a pair of dice. You get paid two dollars times the sum of the numbers…

A: Given suppose it costs $14 to roll a pair of dice.

Q: Suppose it costs $29 to roll a pair of dice. You get paid 4 dollars times the sum of the numbers…

A: The sample space when two dice are rolled is given as follows:

Q: At a game of chance, the expected value is found to be -$1.50, and the cost to play the game is…

A: Given: Expected value = $-1.50 cost  to play game= $4.00 To find the Fair Price  to play the game.

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.