Question

In a game, you have a 1/20 probability of winning $75, a 7/20 probability of winning...

In a game, you have a 1/20 probability of winning $75, a 7/20 probability of winning $0, and a 3/5 probability of loosing $9. There is no fee to play the gam. What is your expected value?

Homework Answers

Answer #1

P(X = 75) = 1/20

P(X = 0) = 7/20

P(X = -9) = 3/5

Expected value = 75 * 1/20 + 0 * 7/20 + (-9) * 3/5 = -$1.65

                                                                                       

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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.)
The probability of winning on an arcade game 0.568. If you play the arcade game 22...
The probability of winning on an arcade game 0.568. If you play the arcade game 22 times, what is the probability of winning more than 15 times?
the probability of winning on an arcade game is 0.61 to if you play the arcade...
the probability of winning on an arcade game is 0.61 to if you play the arcade game 21 times what is the probability of winning no more than 10 times
7. Imagine you are in a game show. There are 10 prizes hidden on a game...
7. Imagine you are in a game show. There are 10 prizes hidden on a game board with 100 spaces. One prize is worth $50, three are worth $20, and another six are worth $10. You have to pay $5 to the host if your choice is not correct. Let the random variable x be the winning. Complete the following probability distribution. (Show the probability in fraction format and explain your work) x P(x) -$5 $10 $20 $50 What is...
You are creating a carnival game and you want to figure out the probability of winning...
You are creating a carnival game and you want to figure out the probability of winning the gaming by calculating 50 trials. You want the probability of winning the game to be below 10%. The closer the probability is to 0 the better the game is.
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 video poker card game, the probability of a “winning” hand is 0.132. Determine the...
In a video poker card game, the probability of a “winning” hand is 0.132. Determine the following (answer to 4 decimal places) In 12 trials, what is the probability that you win exactly twice? What is the probability that your first win is on your 6th hand? What is the probability that you will win 2 or less of 12 hands? What is the probability that you will win more than 3 of 12 hands? How many times do you...
Suppose you went to a fundraiser and you saw an interesting game. The game requires a...
Suppose you went to a fundraiser and you saw an interesting game. The game requires a player to select five balls from an urn that contains 1000 red balls and 4000 green balls. It costs $20 to play and the payout is as follows: Number of red balls Prize 0 $0 1 $20 2 $25 3 $50 4 $100 5 $200 Questions: 1) Is this a binomial experiment? If so, explain what p, q, n, and x represent and find...
if i have a 4/5 = .80 probability of winning a game of solitaire. How many...
if i have a 4/5 = .80 probability of winning a game of solitaire. How many games do I have to play before I can use the CLT to reasonably approximate the sampling distribution of the sample proportion of wins?
1. Create a PDF table and calculate expected value. A friend offers you a game to...
1. Create a PDF table and calculate expected value. A friend offers you a game to play where you pay him $10. You roll a fair 6-sided die. If the roll of a comes up as 1, 2, 3 he pays you $5. If the roll is 4 or 5 he pays you $7 and if it is a 6 he pays you $20. In words, define the random variable X. ? Construct a PDF table. If you play this...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT