Your partner flips a fair coin. If the coin comes up heads, you pay him 2; if the coin comes up tails, he pays you 1. What is the expected value of his income?

Q: A lawyer in a court case estimates that with probability 0.25 she will win $100,000, with…

A: We will make a probability distribution for the winning amount winning amount (xi) 100000 10000 0…

Q: Suppose that a lottery has the following odds: 1) If you pay $3 to play this game, what is the…

A: 1) Considering the provided distribution, the expected value without losing any money is,

Q: A certain newspaper reports that about 20% of all prison parolees become repeat offenders. Alice is…

A: Binomial distribution:The binomial distribution gives the probability of number of successes out of…

Q: A lottery has a grand prize of $1 million, 4 runner up prizes of $50,000 each, 14 3rd place prizes…

A: Given data: The grand prize given is E1=$1 million=$1,000,000. The prize money won by 4 runners up…

Q: A life insurance policy pays $120000 if a customer passes away during the year. At the start of each…

A: From the given information we want to find expected value of a single one of these customers for the…

Q: Suppose that you and a friend are playing cards and decide to make a bet. If your friend draws three…

A: Given information- We have given a standard deck of 52 cards. My friend draws three hearts in…

Q: 1 the game of roulette, a player can place a $6 bet on the number 9 and have a probability of…

A: Solution

Q: 9. What is the expected value for the spinner? Assume each section is the same size, and assume the…

A: Given: The values of section: x=1500,100,500,250,750,100,-10000,250,1250,100,500,750,100,1000,250…

Q: a. From the perspective of the 50-year-old female, what are the values corresponding to the two…

A: Here it is given that, there is a 0.9968 probability that a randomly selected 50-year-old female…

Q: hospital researcher is interested in the number of times the average post-op patient will ring the…

A: Given Information: A hospital researcher is interested in the of times the average post-op patient…

Q: From the perspective of the 31-year-old male, what are the monetary values corresponding to the two…

A: The value corresponds to surviving the year is = charges incurred by the man for taking life…

Q: (b) If 15 separate inquiries are made about rooms, what is the expected number of inquiries that…

A: The owners of a motel in Florida have noticed that in the long run, about 40% of the people who stop…

Q: Suppose the warranty period on your family's new television is about to expire and you are debating…

A: Answer can be given using expected value formula.

Q: 5. Find the expected value of the salesman's commission if he has the following commission payout…

A: According to the provided question:-      x                  P(x)                 x*P(x) 0$…

Q: Suppose that in a particular game two dice are tossed. If the two dice sum to seven, the player wins…

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Q: the black-number bet   (a) Find the expected value of each $1 bet in roulette. (Round your answer to…

A: A roulette wheel consists of 38 slots, out of which 18 are black, 18 are red and 2 are green. The…

Q: Suppose that a far coin is tossed six times. The number of tails which can occur wit their…

A: The given table is, xi 0 1 2 3 4 5 6 pi 164 664 1564 2064 1564 664 164 The aim is to find…

Q: When you roll two 6-sided dice, if the number 1 appears on both dice (each die has one dot on the…

A: Probability: Probability is a chance factor that occurs at every outcome of a random experiment.…

Q: If your expected value when playing a $1 game of roulette is −$0.05, then after playing the game 100…

A: In the question it is asked to find the netted amount.

Q: A marksman scores a bull's eye on 90% of his shots. (Assume the shots are independent.) (a) What is…

A: Solution : P = Probability of scoring a bull's eye in a  shots. = 90% = 0.90 All shots are…

Q: At age 50, Ann must choose between taking $20,000 at age 60 if she is alive then, or $32,000 at age…

A:

Q: 2. You are invited to play a game in which you roll two fair dice. If you roll a 7, you eds- in…

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Q: A bag contains 1 gold marbles, 9 silver marbles, and 21 black marbles. Someone offers to play this…

A:

Q: At a bakery company restaurant, the probability that customers will order desserts without cheese is…

A: Givenprobability that customers will order desserts without…

Q: A friend rolls a cheap 6-sided die many times.  He reports that the probabilities of the possible…

A: Random variables are of 2 types, discrete and continuous. A discrete random variable can only take…

Q: I run Delta airlines, and I'm trying to decide whether I should sell 51 (scenario A) or 50 tickets…

A: Given information: PAll 51 show up=0.12 If we sell 51 tickets, then the probability of showing up 51…

Q: A balanced die is rolled until the same result appears twice. If this takes place in less than 6…

A: The theory of probability has its origin in the seventeenth century. The king of France,…

Q: At a casino in Las Vegas, you are considering placing a bet either the number 7 in roulette or on…

A: we know that expectation is given as E(X)=∑ixip(xi) a) The expected value is…

Q: contracter is considering a sale that promises a profit of $31,000 with a probability of .7 or a…

A: x p(X) xp(X) 31000 0.7 21700 -4000 0.3 -1200

Q: In a gambling game a person draws two cards from an ordinary 52-card playing deck. A person is paid…

A: Given, No of cards n = 52 draws 2 cards $100 if both are aces $50 if one of them is ace otherwise…

Q: 4. In a deck of cards which consists of cards numbered 1 to 5, a card is drawn randomly. A player…

A: Disclaimer : "Since you have asked multiple question, we will solve the one question for you. If you…

Q: John and Larry are fundraisers for UNO. A wealthy benefactor says that he will match whatever John…

A:

Q: In a game involving the roll of a single die, the following rules have been agreed upon: I pay P1…

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Q: A roulette wheel has 38 slots and a ball that rolls until it falls into one of the slots, all of…

A: Given: 38 slots 18 slots-black  18 slots- red 2 slots-green We are going to bet on red

Q: friend devises a game that is played by rolling a single six-sided die once. If you roll a 6, he…

A: Given friend devises a game that is played by rolling a single six-sided die once. If you roll a 6,…

Q: It costs​ $30 to enter a sweepstakes in which three payouts are being​ offered: $100​ (0.12…

A: It is given that the payoff is $100 with a probability of 0.12, $500 with a probability of 0.03, and…

Q: 1 In the game of roulette, a player can place a $10 bet on the number 31 and have a probability of…

A:

Q: An insurance policy sells for $1000. Based on past data, an average of 1 in 100 policyholders will…

A: We will make a table using the given information Amount of claim 15000 30000 80000 Probability…

Q: 4) The Agnubrabrunksiwx Insurance Groupspecialises in home insurance. Its basic policy costs $ 1200…

A: Using the given information we make a table: Earning of the company (x) 1200 (when do not have to…

Q: In Las Vegas $1 slot machines average a 95% payout;in other words, the expected value of a $1 bet is…

A: The interpretation of probability has 2 meanings in statistics. The first arises from the frequency…

Q: One option in a roulette game is to bet $1 on red. (There are 18 red compartments, 18 black…

A: No. of red compartment = 18 = n(R) No. of black compartment = 18 = n(B) No. of other compartment = 2…

Q: If the expected value for a five dollar raffle ticket is $0.85, then there is a 85% chance that the…

A: here expected vaue is 0.85$ which means player expect to win 0.85$V on each game played on a long…

Q: An oil company is considering two sites on which to​ drill, described as​ follows: Site​ A: Profit…

A: Site A: Profit (million) 110  -17 Probability 0.2 (1-0.2)=0.8 So the expected profit of site…

Q: Approximately 75% of all marketing personnel are extroverts, whereas about 60% of all computer…

A: Binomial distribution: A random variable X is said to be binomial distribution if it assumes only…

Q: An adventurous aardvark is a card shark and gambler. He offered to let you play in a game with him.…

A:

Q: One package contains 5 blue, 4 red and 3 green marbles. We pay $ 14 to draw two marbles at random…

A: We have to find expected value.

Q: he annual premium for a ​$5,000 insurance policy against the theft of a painting is  ​$250. If the​…

A:

Q: 2. Kentucky's Pick 4 Lottery. If you bet $1 in Kentucky's Pick 4 lottery, you either lose $1 or gain…

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Q: A game uses a single 6-sided die. To play the game, the die is rolled one time, with the following…

A: