Suppose that you are offered the following "deal." You roll a six sided die. If you rolla 6, you win $17. If you roll a 4 or 5, you win $2. Otherwise, you pay $9. nofit from smallest to largest. Round to 4 a Completehe PDF Table. List the X value decimal plaees where appropriate. Probability Distribution Table X P(X) 24 b. e expected profit. $ (Round to the nearest cent) C Interpret the expected value. This is the most likely amount of money you will win. Ymany games you witt tikety lose on average very close to $1.00 per game. You will win this much if you ptay a game. d. Based on the expected value, should you play this game? No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. 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. No, this is a gambling game and it is always a bad idea to gamble. Yes, because you can win $17.00 which is greater than the $9.00 that you can lose.

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
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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Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $17. If you
roll a 4 or 5, you win $2. Otherwise, you pay $9.
a Completehe 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. Fin
e expected profit. $
(Round to the nearest cent)
Interpret the expected value.
This is the most likely amount of money you will win.
f you play many games you will tikely lose on average very close to $1.00 per game.
You will win this much if you play a game.
d. Based on the expected value, should you play this game?
No, since the expected value is negative, you would be very likely to come home with less money if you
played many games.
Yes, since the expected value is positive, you would be very likely to come home with more money if
you played many games.
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.
No, this is a gambling game and it is always a bad idea to gamble.
Yes, because you can win $17.00 which is greater than the $9.00 that you can lose.
Transcribed Image Text:Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $17. If you roll a 4 or 5, you win $2. Otherwise, you pay $9. a Completehe 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. Fin e expected profit. $ (Round to the nearest cent) Interpret the expected value. This is the most likely amount of money you will win. f you play many games you will tikely lose on average very close to $1.00 per game. You will win this much if you play a game. d. Based on the expected value, should you play this game? No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. 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. No, this is a gambling game and it is always a bad idea to gamble. Yes, because you can win $17.00 which is greater than the $9.00 that you can lose.
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