Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $15. If you roll a 4 or 5, you win $5. Otherwise, you pay $9.

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 50E: Flexible Work Hours In a recent survey, people were asked whether they would prefer to work flexible...
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Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $15. If you roll a 4 or 5, you win $5. Otherwise, you pay $9.

d. Based on the expected value, should you play this game?
O Yes, since the expected value is 0, you would be very likely to come very close to breaking even if
you played many games, so you might as well have fun at no cost.
O Yes, since the expected value is positive, you would be very likely to come home with more money if
you played many games.
O Yes, because you can win $15.00 which is greater than the $9.00 that you can lose.
ONo, this is a gambling game and it is always a bad idea to gamble.
ONo, since the expected value is negative, you would be very likely to come home with less money if
you played many games.
Transcribed Image Text:d. Based on the expected value, should you play this game? O Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost. O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O Yes, because you can win $15.00 which is greater than the $9.00 that you can lose. ONo, this is a gambling game and it is always a bad idea to gamble. ONo, since the expected value is negative, you would be very likely to come home with less money if you played many games.
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $15. If
you roll a 4 or 5, you win $5. Otherwise, you pay $9.
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
P(X)
b. Find the expected profit. $_
(Round to the nearest cent)
c. Interpret the expected value.
Olf you play many games you will likely lose on average very close to $0.33 per game.
OYou will win this much if you play a game.
O This is the most likely amount of money you will win.
Transcribed Image Text:Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $15. If you roll a 4 or 5, you win $5. Otherwise, you pay $9. 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 P(X) b. Find the expected profit. $_ (Round to the nearest cent) c. Interpret the expected value. Olf you play many games you will likely lose on average very close to $0.33 per game. OYou will win this much if you play a game. O This is the most likely amount of money you will win.
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