Solve the following problems completely. 1. A roulette wheels contains 50 numbers: 30 are red and 20 are green. The roulette is fair which means that it is equally likely to land on any of the 50 numbers. You win P500 if the roulette lands on red numbers; otherwise, you loss P300. What is the expected value or payoff of the game? 2. In a playing card, a woman is paid P300 if she draws a jack or a queen and P500 if she draws a king or an ace from an ordinary deck of 52 playing cards. If she draws any other card, she will pay P200. How much is the expected value of her winning? 3. A raffle offers P 20,000 cash for 1st prize, P10,000 for 2nd prize, and P 5,000 for 3rd prize. The raffle has 1000 tickets sold at P150 each. Find the expected gain or loss if a person buys one ticket.

Solve the following problems completely. 1. A roulette wheels contains 50 numbers: 30 are red and 20 are green. The roulette is fair which means that it is equally likely to land on any of the 50 numbers. You win P500 if the roulette lands on red numbers; otherwise, you loss P300. What is the expected value or payoff of the game? 2. In a playing card, a woman is paid P300 if she draws a jack or a queen and P500 if she draws a king or an ace from an ordinary deck of 52 playing cards. If she draws any other card, she will pay P200. How much is the expected value of her winning? 3. A raffle offers P 20,000 cash for 1st prize, P10,000 for 2nd prize, and P 5,000 for 3rd prize. The raffle has 1000 tickets sold at P150 each. Find the expected gain or loss if a person buys one ticket.

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter9: Counting And Probability

Section9.4: Expected Value

Problem 1E: If a game gives payoffs of $10 and $100 with probabilities 0.9 and 0.1, respectively, then the...

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