Question

A game has an expected value to you of $600. It costs $600 to​ play, but...

A game has an expected value to you of $600. It costs $600 to​ play, but if you​ win, you receive​ $100,000 (including your $600 ​bet) for a net gain of $99,400. What is the probability of​ winning? Would you play this​ game? Discuss the factors that would influence your decision.

The probability of winning is _________??

​(Type an integer or a​ decimal.)

Would you play this​ game? Discuss the factors that would influence your decision.

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Consider a game that costs $1 to play. The probability of losing is 0.7. The probability...
Consider a game that costs $1 to play. The probability of losing is 0.7. The probability of winning $50 is 0.1, and the probability of winning $35 is 0.2. Would you expect to win or lose if you play this game 1 time?
In a​ state's Pick 3 lottery​ game, you pay ​$1.37 to select a sequence of three...
In a​ state's Pick 3 lottery​ game, you pay ​$1.37 to select a sequence of three digits​ (from 0 to​ 9), such as 755. If you select the same sequence of three digits that are​ drawn, you win and collect ​$281.04. Complete parts​ (a) through​ (e). a. How many different selections are​ possible? b. What is the probability of​ winning? ​(Type an integer or a​ decimal.) c. If you​ win, what is your net​ profit? ​(Type an integer or a​...
In a​ state's Pick 3 lottery​ game, you pay $1.33 to select a sequence of three...
In a​ state's Pick 3 lottery​ game, you pay $1.33 to select a sequence of three digits​ (from 0 to​ 9), such as 677. If you select the same sequence of three digits that are​ drawn, you win and collect $313.73 Complete parts​ (a) through​(e). a. How many different selections are​ possible? b. What is the probability of​ winning? . ​(Type an integer or a​ decimal.) c. If you​ win, what is your net​ profit? ​$ ​(Type an integer or...
In a​ state's Pick 3 lottery​ game, you pay ​$1.32 to select a sequence of three...
In a​ state's Pick 3 lottery​ game, you pay ​$1.32 to select a sequence of three digits​ (from 0 to​ 9), such as 233. If you select the same sequence of three digits that are​ drawn, you win and collect ​$496.85. Complete parts​ (a) through​ (e). a. How many different selections are​ possible? nothing b. What is the probability of​ winning? nothing ​(Type an integer or a​ decimal.) c. If you​ win, what is your net​ profit? ​$ nothing ​(Type...
A game costs $3.00 to play. A player can win $1.00, $5.00, $10.00, or nothing at...
A game costs $3.00 to play. A player can win $1.00, $5.00, $10.00, or nothing at all. The probability of winning $1.00 is 40%, $5.00 is 20%, and $10.00 is 5%. a) What is the probability of winning nothing at all? b) Calculate the expected value for this game. c) Explain whether this game is fair.  
You are trying to decide whether to play a carnival game that costs $1.50 to play....
You are trying to decide whether to play a carnival game that costs $1.50 to play. The game consists of rolling 3 fair dice. If the number 1 comes up at all, you get your money back, and get $1 for each time it comes up. So for example if it came up twice, your profit would be $2. The table below gives the probability of each value for the random variable X, where: X = profit from playing the...
The probability of winning on an arcade game is 0.620. If you play the arcade game...
The probability of winning on an arcade game is 0.620. If you play the arcade game 27 times, what is the probability of winning no more than 11 times? (Round your answer to 3 decimal places, if necessary.)
An instant lottery game gives you probability 0.03 of winning on any one play. Plays are...
An instant lottery game gives you probability 0.03 of winning on any one play. Plays are independent of each other. If you are to play four times in a row, the probability that you do not win in any of the four consecutive plays is about: (Answer as a decimal rounded to three decimal places)
You enter a special kind of chess tournament, whereby you play one game with each of...
You enter a special kind of chess tournament, whereby you play one game with each of three opponents, but you get to choose the order in which you play your opponents. You win the tournament if you win two games in a row. You know your probability of a win against each of the three opponents. What is your probability of winning the tournament, assuming that you choose the optimal order of playing the opponents?
Suppose that you and your friend alternately play a game. Both of your and your friend’s...
Suppose that you and your friend alternately play a game. Both of your and your friend’s chance of winning in each game is 0.5. All the outcomes are independent. Each of you will play 100 games. Estimate the probability that you will win at least 5 more games than your friend. Both Y and Z follows Bin(100, 0.5). Y = number of games you win Z = number of games your friend wins.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT