I need help with 1,2,3 please and thank you 10.6 Expected Value WorksheetPlease answer each question below regarding expected value. You must show all work to receive credit.Papers submitted with no work attached will earn a grade of 0. This is an independent assignment andshould be completed on your own.Write the formula for calculating expected value here:1.A dice game involves rolling two dice. If the sum of the two numbers rolled is 2, 3, 4, 10, 11, or12, you win $5. If the sum is 5, 6, 7, 8, or 9, you lose $5. What is the expected value for 1 game?2.3.An adventurous aardvark is a card shark and gambler. He offers to let you play in a game withhim. To play, you must pay him $2. If you pick a spade, you win $9. What is the expected valuefor you if you play this game with the aardvark?Your company plans to invest in a particular project. There is a 35% chance that you will lose$30,000, a 40% chance that you will break even, and a 25% chance that you will make $55,000.Based solely on this information, should your company plan to invest or bail? Show your work toexplain your answer.

The expectation of a discrete random variable X, denoted by E(X), is defined as a measure of central tendency of the probability distribution of X. If X has the values x1, x2, ... with probabilities p1, p2, ... then the expectation of X is given by,The following table represents sum of the numbers on the two dice, the possible outcomes, the winning amount (negative value, if loosing) and the corresponding probabilities. Sum Outcomes Winning amount in $ (x) Probability (p) xp 2 (1, 1) 5 1/36 5/36 3 (1, 2), (2, 1) 5 1/18 5/18 4 (1, 3), (2, 2), (3, 1) 5 1/12 5/12 5 (1, 4), (2, 3), (3, 2), (4, 1) -5 1/9 - 5/9 6 (1, 5), (2, 4), (3, 3), (4, 2), (5, 1) -5 5/36 - 25/36 7 (1, 6), (2, 5), (3, 4), (4, 3), (5, 2), (6, 1) -5 1/6 - 5/6 8 (2, 6), (3, 5), (4, 4), (5, 3), (6, 2) -5 5/36 - 25/36 9 (3, 6), (4, 5), (5, 4), (6, 3) -5 1/9 - 5/9 10 (4, 6), (5, 5), (6, 4) 5 1/12 5/12 11 (5, 6), (6, 5) 5 1/18 5/18 12 (6, 6) 5 1/36 5/36 Total 1 -5/3 The expected value of X is Answer: The expected value for 1 game is -$1.67.As I have to pay him $2, that means if I do not pick up a spade, then my winning will be -$2. In the same way, if I pick up a spade, then I will eventually win $7. Now the following table provides the outcomes and their corresponding probabilities. Outcome Winning in $ (x) Probability (p) xp Spade 7 1/4 7/4 Others -2 3/4 -3/2 Total 1 1/4 The expected value of this game is Answer: The expected value for me of this game is $0.25.The following table represents the investment amount and the corresponding probabilities. Winning amount in $ (x) Probability (p) xp -30000 0.35 -10500 0 0.4 0 55000 0.25 13750 Total 1 3250 The expected value of this project is Answer: The company should plan to invest as the expected value of the project is positive.

Math

Probability

10.6 Expected Value Worksheet Please answer each question below regarding expected value. You must show all work to receive credit. Papers submitted with no work attached will earn a grade of 0. This is an independent assignment and should be completed on your own. Write the formula for calculating expected value here: 1. A dice game involves rolling two dice. If the sum of the two numbers rolled is 2, 3, 4, 10, 11, or 12, you win $5. If the sum is 5, 6, 7, 8, or 9, you lose $5. What is the expected value for 1 game? 2. An adventurous aardvark is a card shark and gambler. He offers to let you play in a game with him. To play, you must pay him $2. If you pick a spade, you win $9. What is the expected value for you if you play this game with the aardvark? 3. Your company plans to invest in a particular project. There is a 35% chance that you will lose $30,000, a 40% chance that you will break even, and a 25% chance that you will make $55,000. Based solely on this information, should your company plan to invest or bail? Show your work to explain your answer.

10.6 Expected Value Worksheet Please answer each question below regarding expected value. You must show all work to receive credit. Papers submitted with no work attached will earn a grade of 0. This is an independent assignment and should be completed on your own. Write the formula for calculating expected value here: 1. A dice game involves rolling two dice. If the sum of the two numbers rolled is 2, 3, 4, 10, 11, or 12, you win $5. If the sum is 5, 6, 7, 8, or 9, you lose $5. What is the expected value for 1 game? 2. An adventurous aardvark is a card shark and gambler. He offers to let you play in a game with him. To play, you must pay him $2. If you pick a spade, you win $9. What is the expected value for you if you play this game with the aardvark? 3. Your company plans to invest in a particular project. There is a 35% chance that you will lose $30,000, a 40% chance that you will break even, and a 25% chance that you will make $55,000. Based solely on this information, should your company plan to invest or bail? Show your work to explain your answer.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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