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Using the expected values obtained in the text and in the preceding even-numbered exercises, determine a casino’s expected net income from a
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Chapter 3 Solutions
Bundle: Mathematics: A Practical Odyssey, 8th + WebAssign Printed Access Card for Johnson/Mowry's Mathematics: A Practical Odyssey, 8th Edition, Single-Term
- Find the outcome of the bets in roulette, given the results listed: How much must you bet on a single-number to be able to win at least $100? (Bets must be in $1 increments).arrow_forwardA 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_forwardA local flower shop is selling $1 raffle tickets and is donating all proceeds to the children's hospital. They sold 5,500 tickets and plan to give away 20 flower arrangements valued at $70 and 20 gift certificates valued at $25. Find the expected value of purchasing a raffle ticket.arrow_forward
- Suppose a charitable organization decides to raise money by raffling a trip worth $500. If 3,000 tickets are sold at $1.00 each, find the expected net winnings for a person who buys 1 ticket.arrow_forwardA college foundation raises funds by selling 600 raffle tickets for a new car worth $34,000 at $120 (a) Find the expected net winnings of a person buying one of the tickets. (b) Find the total profit for the foundation, assuming they had to purchase the car. (c) Find the total profit for the foundation, assuming the car was donated.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
- Illustration 16.72. A bag contains 4 rupee, 10 one paise, 6 fifty paise coins and 3 twenty-five paise coins. A man draws a coin (a) What is the expectation of his draw?arrow_forwardK Don is considering bringing a lawsuit against the Dummote Company. His lawyer estimates that there is a 60% chance Don will make $70,000, a 30% chance Don will break even, and a 10% chance they will lose the case and Don will need to pay $40,000 in legal fees. Estimate Don's expected gain or loss if he proceeds with the lawsuit (D) Select the correct choice below and, if necessary, fill in the answer box within your choice. OA. Don has an expected gain of S OB. Don has an expected loss of S OC. Don has neither an expected gain nor expected loss.arrow_forwardAvery sets up a passcode on her smart phone, which allows only six-digit codes. She has heard that it's more secure if a digit is repeated in the passcode. A spy sneaks a look at Avery's smart phone and sees her fingerprints on the screen over five numbers. What is the probability the spy is able to unlock the smart phone on his first try? Express your answer as a fraction in lowest terms or a decimal rounded to the nearest millionth.arrow_forward
- A college foundation raises funds by selling 600 raffle tickets for a new car worth $32,000 at $100 each. (a) Find the expected net winnings of a person buying one of the tickets. (b) Find the total profit for the foundation, assuming they had to purchase the car. (c) Find the total profit for the foundation, assuming the car was donated.arrow_forwardA raffle offers one 100,000 prize, one 50,000 prize and five 10,000 prizes. One thousand tickets are sold at 300 each. Find the expectation if a person buys one ticket.arrow_forwardIf you were charged $8.00 to play this game, you would on average see a ..... (lose/gain) of ...... per spin.arrow_forward
- Algebra for College StudentsAlgebraISBN:9781285195780Author:Jerome E. Kaufmann, Karen L. SchwittersPublisher:Cengage LearningIntermediate AlgebraAlgebraISBN:9781285195728Author:Jerome E. Kaufmann, Karen L. SchwittersPublisher:Cengage Learning
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