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To play a particular gambling machine, you put in $1 for each game. The machine claims a 1 in 4 chance of paying out $4 in any game; otherwise there is zero payout. Thus there are 2 possibilities: win a game you gain a net $3 and if you lose a game you lose a net $1. What is your expected profit (negative if it is a loss) if you play 4 games? {Hint: consider expected gain on 1 game first.} State your answer in dollars, to the nearest cent. Do not include the dollar sign in your answer. Answer:

To play a particular gambling machine, you put in $1 for each game. The machine claims a 1 in 4 chance of paying out $4 in any game; otherwise there is zero payout. Thus there are 2 possibilities: win a game you gain a net $3 and if you lose a game you lose a net $1. What is your expected profit (negative if it is a loss) if you play 4 games? {Hint: consider expected gain on 1 game first.} State your answer in dollars, to the nearest cent. Do not include the dollar sign in your answer. Answer:

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter12: Probability
Section12.3: Conditional Probability; Independent Events; Bayes' Theorem
Problem 42E
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To play a particular gambling machine, you put in $1 for each game. The machine claims a 1 in 4 chance of paying out $4 in any game; otherwise there is zero payout. Thus there are 2 possibilities: win a game you gain a net $3 and if you lose a game you lose a net $1. What is your expected profit (negative if it is a loss) if you play 4 games? {Hint: consider expected gain on 1 game first.} State your answer in dollars, to the nearest cent. Do not include the dollar sign in your answer. Answer:
Transcribed Image Text:To play a particular gambling machine, you put in $1 for each game. The machine claims a 1 in 4 chance of paying out $4 in any game; otherwise there is zero payout. Thus there are 2 possibilities: win a game you gain a net $3 and if you lose a game you lose a net $1. What is your expected profit (negative if it is a loss) if you play 4 games? {Hint: consider expected gain on 1 game first.} State your answer in dollars, to the nearest cent. Do not include the dollar sign in your answer. Answer:
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