A ping pong ball is drawn at random from an urn consisting of
balls numbered 4 through 9. A player wins $1.5 if the number on the
ball is odd and loses $0.5 if the number is even.
Let x be the amount of money a player will win/lose when playing
this game, where x is negative when the player loses money.
(a) Construct the probability table for this game. Round your
answers to two decimal places.
Outocme | x | Probability P(x) |
(b) What is the expected value of player's winnings? Round to the
nearest hundreth.
(c) Interpret the meaning of the expected value in the context of
this problem.
There are 6 balls numbered 4 through 9. Each is equally likely to be drawn . Thus , each will have Probability of 1/6.
If number on the drawn urn is even then , the player loses $0.5 ( X = -0.5) and if number is odd , then the player wins $1.5 ( x = 1.5)
X | Probability | |
Ball numbered 4 (even) | -0.5 | 1/6 |
Ball numbered 5 (odd) |
1.5 | 1/6 |
Ball numbered 6 (even) | -0.5 | 1/6 |
Ball numbered 7 (odd) | 1.5 | 1/6 |
Ball numbered 8 (even) | -0.5 | 1/6 |
Ball numbered 9 (odd) | 1.5 | 1/6 |
a) Thus , the Probability Distribution is :
X p(x)
1.5 0.5
-0.5 0.5
b) Expected Value is given by :
E(x) = x* p(x)
X | P(x) | x * P(x) |
1.5 | 0.5 | 0.75 |
-0.5 |
0.5 | -0.25 |
E(x) = 0.75 - 0.25
E(x) = 0.5
Thus , the expected value of players winnings is $ 0.5.
c) Interpretation: In the long run , over an average a player win $0.5 with this game.
Please like the answer,Thanks!
Get Answers For Free
Most questions answered within 1 hours.