Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $8. If you roll a 2, 3, 4 or 5, you win $4. Otherwise, you pay $7. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. You will win this much if you play a game. If you play many games you will likely win on average very close to $2.83 per game. This is the most likely amount of money you will win.
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $8. If you roll a 2, 3, 4 or 5, you win $4. Otherwise, you pay $7. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. You will win this much if you play a game. If you play many games you will likely win on average very close to $2.83 per game. This is the most likely amount of money you will win.
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 4ECP: Show that the probability of drawing a club at random from a standard deck of 52 playing cards is...
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Transcribed Image Text:Suppose that you are offered the following "deal." You roll a six sided die. you roll a 6, you win $8. If you roll
a 2, 3, 4 or 5, you win $4. Otherwise, you pay $7.
a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4
decimal places where appropriate.
Probability
Distribution
Table
X
P(X)
b. Find the expected profit. $
(Round to the nearest cent)
c. Interpret the expected value.
You will win this much if you play a game.
If you play many games you will likely win on average very close to $2.83 per game.
This is the most likely amount of money you will win.
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