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Using the expected values obtained in the text and in the preceding odd-numbered exercises, determines a casino’s expected net income from a 24-hour period at a single roulette table if the casino’s total overhead for the table is $50 per hour and if customers place a total of
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Chapter 3 Solutions
EBK MATHEMATICS: A PRACTICAL ODYSSEY
- A blackjack player at a Las Vegas casino learned that the house will provide a freeroom if play is for four hours at an average bet of $50. The player’s strategy provides aprobability of .49 of winning on any one hand, and the player knows that there are60 hands per hour. Suppose the player plays for four hours at a bet of $50 per hand.a. what is the player’s expected payoff?arrow_forwardEmily has $10000 to invest in Apple stock. In the next month, the stock has a 30% chance of gaining 12%, a 40% chance of gaining 3% and a 30% chance of losing 6%. What is her expected value for this investment?arrow_forwardA booth at the school carnival prepared 30 grab bags offered for sale for $3.00 a bag. Ten bags contain merchandise worth $1.00. Eight bags contain merchandise worth $2.00, and twelve bags contain merchandise worth $3.00. You purchase one bag. What is your expected gain or loss?arrow_forward
- A magazine subscription service is having a contest in which the prize is 180000. If the company receives 3 million entries, which is the expection of the contest?arrow_forwardAssuming you were lucky enough to win and the pay off odds were 35:1, how much money would you get back? Don't forget to include your original $5 bet in your payout.arrow_forwardOne thousand tickets are sold at P150 each for a color television valued at P54,000. What is the expected value of the gain if you purchase one ticket?arrow_forward
- Intermediate AlgebraAlgebraISBN:9781285195728Author:Jerome E. Kaufmann, Karen L. SchwittersPublisher:Cengage LearningAlgebra for College StudentsAlgebraISBN:9781285195780Author:Jerome E. Kaufmann, Karen L. SchwittersPublisher:Cengage LearningCalculus For The Life SciencesCalculusISBN:9780321964038Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.Publisher:Pearson Addison Wesley,
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