Robert bought a $3 lottery ticket such that 1 in 100 would win $9, 1 in 1000 would win $120, and 1 in 50 million would win 1 million. What is the expected value of a lottery ticket in dollars? Does Robert expect to earn a profit if he buys 100 tickets?

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: A company selling substandard drugs to developing countries sold 2,000,000 capsules with 60,000 of…

A: Solution: 3. From the given information, out of 2,000,000 capsules 60,000 are empty. The sample size…

Q: A local organization sells 10,000 lottery tickets for $1 each. Prizes are awarded by a random…

A: Given, A organization sells 10,000 lottery tickets for $1 each. First price earn $300, Second win…

Q: A lottery has a grand prize of $1 million, 4 runner up prizes of $50,000 each, 14 3rd place prizes…

A: Given data: The grand prize given is E1=$1 million=$1,000,000. The prize money won by 4 runners up…

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 38…

A: Reviewing information, E($5 bet on no. 38)=-0.26 cents For $5 bet on 5 outcomes(00,0,1,2 or 3)…

Q: 9. What is the expected value for the spinner? Assume each section is the same size, and assume the…

A: Given: The values of section: x=1500,100,500,250,750,100,-10000,250,1250,100,500,750,100,1000,250…

Q: A game of consists of rolling a special 8-sided color die: 3 sides red, 2 sides green and 3 sides…

A:

Q: 3. At a major credit card bank, the percentages of people who historically apply for the Silver,…

A: (a) State the hypotheses.

Q: game is played using a 52 card standard deck. The player pays $4.00 to play and gets to pick one…

A: A standard deck of cards has four suites: hearts, clubs, spades, diamonds. Each suite has thirteen…

Q: A game uses a. Single 6- sided die. To play the game, the die is tolled one time, with the following…

A: Solution

Q: 5. Find the expected value of the salesman's commission if he has the following commission payout…

A: According to the provided question:-      x                  P(x)                 x*P(x) 0$…

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: In many popular board games, a player rolls two dice and moves the number of spaces equal to the sum…

A: The expected sum when rolling two dice is obtained below: The probability model will be is,

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: Determine the expected value of the following two games: (a) The Six Dollars Per Six game costs…

A: Probability Distribution: Let X be a random variable. Then the probability distribution of X is…

Q: Your partner flips a fair coin. If the coin comes up heads, you pay him 2; if the coin comes up…

A:

Q: A bag contains 1 gold marbles, 9 silver marbles, and 21 black marbles. Someone offers to play this…

A:

Q: A bag contains 1 gold marbles, 9 silver marbles, and 23 black marbles. Someone offers to play this…

A:

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 32…

A: a)The formula for finding the expected value is shown below:

Q: One option in a roulette game is to bet $14 on red.​ (There are 18 red​ compartments, 18 black​…

A: Given data, The total number of red compartments = 18 The total number of non red compartments  =…

Q: Supppose that $1 lottery tickets have the following probabilities and values: An average of 1 in 5…

A: Given data Supppose that $1 lottery tickets have the following probabilities and values An average…

Q: As reported by Television Bureau of Advertising, Inc. in Trends in Television, 84% of U.S.…

A: It is given that n =500 and p =0.84.

Q: A game has 49 green balls and 1 red ball in a bag, and you will randomly select one ball from the…

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

Q: The owners of a motel in Florida have noticed that in the long run, about 40% of the people who stop…

A: Given, p = 0.40   This  example follow Binomial distribution. Formula is; P ( n , r ) = n ! r ! ( n…

Q: 2-A card is drawn at random from a deck consisting of cards numbered 2 through 10. A player wins 1…

A: Probability of an event is computed by taking the ratio of number of favourable outcomes to total…

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 27…

A: Given For the $5 bet that the outcome is 00,0,1,2 or 3, Probability of making a net profit of…

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

A: 1] Probability of making a net profit of ​$60 =538  2] Probability of losing $10 =3338

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: One option in a roulette game is to bet $13 on red.​ (There are 18 red compartments, 18 black…

A: The total number of red compartments = 18The total number of non red compartments  = 18=2 = 20The…

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

A: Given datawgen playing a roulette at a casino a gambler is trying to decide on bet $10on he number…

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: Assume that the drawer contains 9 coins: 4 quarters, 1 dimes, and 4 nickels. One coin is randomly…

A: Type Number Probability, p Value, n (in dollars) Expected value, np Nickel 4…

Q: 4. In a deck of cards which consists of cards numbered 1 to 5, a card is drawn randomly. A player…

A: Disclaimer : "Since you have asked multiple question, we will solve the one question for you. If you…

Q: In a game involving the roll of a single die, the following rules have been agreed upon: I pay P1…

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: 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: Many states and Canadian provinces have government-sponsored lotteries. Here is a simple lottery…

A: The possible three digit numbers varies from 000 to 999 making a total of 1000 numbers.Consider X be…

Q: It costs​ $30 to enter a sweepstakes in which three payouts are being​ offered: $100​ (0.12…

A: It is given that the payoff is $100 with a probability of 0.12, $500 with a probability of 0.03, and…

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: One option in a roulette game is to bet $17 on red. (There are 18 red compartments, 18 black…

A: There are total of (18+18+2) = 38 compartments. Number of red compartments = 18

Q: One option in a roulette game is to bet $1 on red. (There are 18 red compartments, 18 black…

A: No. of red compartment = 18 = n(R) No. of black compartment = 18 = n(B) No. of other compartment = 2…

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

A: Given that  Let X represent the net profit in dollar  The number $5 bet on 32 and any number 0,00,or…

Q: 5-card hand is dealt from a standard 52 deck card. If the 5-card hand contains atleast one four, you…

A: To calculate the expected value of the game.

Q: A game is played using a standard 52-card deck. The player pays $3.00 to play and gets to pick one…

A:

Q: An adventurous aardvark is a card shark and gambler. He offered to let you play in a game with him.…

A:

Q: One package contains 5 blue, 4 red and 3 green marbles. We pay $ 14 to draw two marbles at random…

A: We have to find expected value.

Q: One option in a roulette game is to bet $9 on red.​ (There are 18 red​ compartments, 18 black​…

A: Given information- Information of roulette- The pockets of the roulette wheel are numbered from 0 to…

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

A: From the provided information, For the $10 bet that the outcome is 00, 0, 1, 2, or 3, there is a…

Q: A game uses a single 6-sided die. To play the game, the die is rolled one time, with the following…

A: