Your friend proposes a game: You flip a coin. If it’s heads, you win $1. If it’s tails, you lose $1. However, you are worried the coin might not be a fair coin. How could you change the game to make the game fair, without replacing the coin?
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Your friend proposes a game: You flip a coin. If it’s heads, you win $1. If it’s tails, you
lose $1. However, you are worried the coin might not be a fair coin. How could you
change the game to make the game fair, without replacing the coin?
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- You are playing a game in which a single die is rolled. If a 2 or a 5 comes up, you win $60; otherwise, you lose $3. What is the price that you should pay to play the game that would make the game fair?You are playing a game in which a single die is rolled. If a 2 or a 5 come up, you win $60; otherwise, you lose $3. What is the price that you should pay to play the game that would make the game fair?Suppose you decided to play a gambling game. In order to play the game there is a $1.50 dollar fee to play. If you roll a 1, 2, or 3 you win nothing (i.e., your net profit is $-1.5 dollars). If you roll a 4 or 5, you win $2.50 (i.e., your net profit is $1). If you roll a 6 you win $5.75 (i.e., your net profit is $4.25).a) Use the information described above to constuct a probability distribution table for the random variable xx which represents the net profit of your winnings. Note: Be sure to enter your probabilities as reduced fractions. xx P(x)P(x) (You roll a 1,2,or 3) (You roll a 1,2, or 3) (You roll a 4 or 5) (You roll a 4 or 5) (You roll a 6) (You roll a 6) b) Find the amount you would expect to win or lose each time you played the game. Round your final answer to two decimal places.μ=
- Suppose you decided to play a gambling game. In order to play the game there is a $1.00 dollar fee to play. If you roll a 1, 2, or 3 you win nothing (i.e., your net profit is $-1.00). If you roll a 4 or 5, you win $2.50 (i.e., your net profit is $1.50). If you roll a 6 you win $4.00 (i.e., your net profit is $3.00).Use the information described above to construct a probability distribution table for the random variable xx which represents the net profit of your winnings. Note: Be sure to enter your probabilities as reduced fractions. Die Roll xx P(x)P(x) Roll a 1, 2, or 3 Roll a 4 or 5 Roll a 6 Find the amount you would expect to win or lose each time you played the game. Round your final answer to two decimal places.μ=Suppose you decided to play a gambling game. In order to play the game there is a $1.50 dollar fee to play. If you roll a 1, 2, or 3 you win nothing (i.e., your net profit is $-1.50). If you roll a 4 or 5, you win $3.50 (i.e., your net profit is $2.00). If you roll a 6 you win $5.00 (i.e., your net profit is $3.50).Use the information described above to construct a probability distribution table for the random variable xx which represents the net profit of your winnings. Note: Be sure to enter your probabilities as reduced fractions. Die Roll xx P(x) Roll a 1, 2, or 3 Roll a 4 or 5 Roll a 6 Find the amount you would expect to win or lose each time you played the game. Round your final answer to two decimal places.μ=You play a game where you roll two dice. It was decided that you lose ₱500 if you get a sum of 3, 6, or 9, and you lose ₱400 if you get a sum of 10. However, you win ₱300 for anything else. If you continue to play the game, how much do you expect to win or lose in the game in the long run?