Question

You play a gambling game with a friend in which you roll a die. If a 1 or 2 comes up, you win $8. How much should you lose on any other outcome in order to make this a fair game?

Answer #1

My friend and I are playing a gambling game in which we each
roll a die. We then compare the numbers on the two dice to
determine the outcome. If my roll is larger, I win $1 and my friend
loses $1. If her roll is larger, I lose $1 and she wins $1. And if
our two rolls are equal, we both don’t win or lose any money.
(a) Write your answers as simplified fractions: What is the
chance...

PROBLEM #2
Suppose you play a game in which a fair 6 sided die is rolled
once. If the outcome of the roll (the number of dots on the side
facing upward) is less than or equal to 4, you are paid as many
dollars as the number you have rolled. Otherwise, you lose as many
dollars as the number you have rolled.
Let X be the profit from the game (or the amount of money won or
lost per...

A game of chance involves rolling a 15-sided die once. If a
number from 1 to 3 comes up, you win 2 dollars. If the number 4 or
5 comes up, you win 8 dollars. If any other number comes up, you
lose. If it costs 5 dollars to play, what is your expected net
winnings?

You pay $20 to play a game of chance. You will win $80 if you
spin a “7”, and you will win $30 if you spin an even number. All
other outcomes you will make you lose. (Board numbers are from
1-8)
a. Find the expectation of this game.
b. Is it a fair game? Explain.
c. How much must be charged for the game to be fair?

. A player rolls a fair die and receives 2 dollars if they roll
a 2 and nothing if they don’t roll a two.
If the game costs $1.25 to play, how much should the player
expect to win or loss over the long run? (4 points)
Is this a fair game? Give a reason for your answer, (4
points)

Suppose that you are offered the following "deal." You roll a
six sided die. If you roll a 6, you win $20. If you roll a 4 or 5,
you win $1. Otherwise, you pay $8.
a. Complete the PDF Table. List the X values, where X is the
profit, from smallest to largest. Round to 4 decimal places where
appropriate.
Probability Distribution Table
X
P(X)
b. Find the expected profit. $ (Round to the nearest cent)
c. Interpret the...

Suppose that you are offered the following "deal." You roll a
six sided die. If you roll a 6, you win $7. If you roll a 4 or 5,
you win $1. Otherwise, you pay $8.
a. Complete the PDF Table. List the X values, where X is the
profit, from smallest to largest. Round to 4 decimal places where
appropriate.
Probability Distribution Table
X
P(X)
b. Find the expected profit. $ (Round to the nearest cent)
c. Interpret the...

Someone offers you a game of unbiased die roll, where you win
153 USD on 1, and lose 181 USD on anything other than 1. What is
the expected value of one roll?

Suppose that you are offered the following "deal." You roll a
six sided die. If you roll a 6, you win $17. If you roll a 4 or 5,
you win $2. Otherwise, you pay $10.
a. Complete the PDF Table. List the X values, where X is the
profit, from smallest to largest. Round to 4 decimal places where
appropriate.
Probability Distribution Table
X
P(X)
b. Find the expected profit. $ (Round to the nearest cent)
c. Interpret the...

Suppose that you are offered the following "deal." You roll a
six sided die. If you roll a 6, you win $12. If you roll a 2, 3, 4
or 5, you win $1. Otherwise, you pay $10.
a. Complete the PDF Table. List the X values, where X is the
profit, from smallest to largest. Round to 4 decimal places where
appropriate.
Probability Distribution Table
X
P(X)
b. Find the expected profit. $ (Round to the nearest cent)
c....

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