1 In the game of roulette, a player can place a $10 bet on the number 31 and have a probability of winning. If the metal ball lands on 31, the player gets to keep the 38 $10 paid to play the game and the player is awarded an additional $350. Otherwise, the player is awarded nothing and the casino takes the player's $10. Find the expected value E(x) to the player for one play of the game. If x is the gain to a player in a game of chance, then E(x) is usually negative. This value gives the average amount per game the player can expect to lose. The expected value is $. (Round to the nearest cent as needed.) Question Viewer

You purchase a brand new car for $15,000 and insure it. The policy pays 78% of the car's value if there is an issue with the engine or 30% of the car's value if there is an issue with the speaker system. The probability of an issue with the engine is 0.009, and the probability there is an issue with the speaker system is 0.02. The premium for the policy is p. Let X be the insurance company's net gain from this policy. (a) Create a probability distribution for X, using p to represent the premium on the policy. Enter the possible values of X in ascending order from left to right. P(X) (b) Compute the minimum amount the insurance company will charge for this policy. Round your answer to the nearest cent

A gambler uses theory to calculate the probability of winning a card game and gets​ P(winning) = 0.10. Which option best describes the meaning of this​ probability?   A. He will win 10 times   B. In the long run he will win approximately​ 10% of the time   C. He will win on every 10th play   D. He is guaranteed to win exactly​ 10% of the time

Suppose an oil company is thinking of buying some land for $10,000,000. There is a 60%60% chance of economic growth and a 40%40% chance of recession. The probability of discovering oil is 44%44% when there is economic growth and 32%32% when there is a recession. If there is economic growth and the oil company discovers oil, the value of the land will triple. If they do not discover oil, the value of the land will decrease by 10%.10%. If there is a recession and the company discovers oil, the value of the land will increase by 50%.50%. If they do not discover oil, the land will decrease in value by 75%.75%. What is the expected value of the investment? Give your answer to the nearest dollar. Avoid rounding within calculations. $$     Select the correct interpretation of the expected value. The expected value represents what the actual investment value will be for this land purchase of $10,000,000. The company should make the investment because the expected value…

Please provide steps for how you got the solution to the problem provided below. A machine is used to produce one of each of two types of product (A and B) on alternating days, i.e., if A is produced today then B will be produced tomorrow and vice versa. Each day, there is a probability that the machine malfunctions. Malfunction probability after a day of operation is 0.03 when producing A and 0.07 when producing B. Once the machine malfunctions, it is no longer operable and will not be replaced until sometime in the future (beyond modeling horizon). Model the system as a Markov chain (give transition matrix on your paper). Suppose that on Monday product A was produced. Find the probability that the machine is still operable by the morning of Thursday. Your model should have a state ”malfunction”, which cannot transition to any other state other than itself.