A gambler pays $5 to play a game of dice. If he rolls a sum of 10 the house pays him $10; if he rolls a sum of 3 the house pays him $20, otherwise he loses. What is the expected return value of this game?

A gambler pays $5 to play a game of dice. If he rolls a sum of 10 the house pays him $10; if he rolls a sum of 3 the house pays him $20, otherwise he loses. What is the expected return value of this game?

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...

See similar textbooks

Related questions

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Expected value- The expected value is predicted future value of an event taking place in the…

Q: A foundation is holding a fund-raising campaign in a form of a raffle. A raffle ticket costs 120 php…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: According to the provided information, the number of tickets they will sell is 900 and the cost for…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: From the provided information, the total number of tickets they will sell = 700. So,

Q: At a local fair, a raffle is being held. There were 1,067 tickets were sold for $10 each. There is…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

Q: Jeff is producing an outdoor concert. He estimates that he will make 3200 dollars if it does not…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given information- We have given that the student council is hosting a drawing to raise money for…

Q: how much will he be spending on average in the long run?

A: Kyle wants to buy packs of gaming cards until he gets a certain card he wants, but he has only…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: From the given information we want to find expected value of profit.

Q: You pay $20 to enter a raffle. The first ticket drawn wins $990, the second ticket drawn wins $465,…

A: The objective of this question is to calculate the expected earning on a raffle ticket. The expected…

Q: Marlon is going to roll a six-sided die, and if he rolls a 3, he gets $10. It costs him $2 to enter…

A: Random variables are of 2 types, discrete and continuous. A discrete random variable can only take…

Q: K Don is considering bringing a lawsuit against the Dummote Company. His lawyer estimates that there…

A: Given Data: The expected value E is called by multiplying the probability of an event occurring by…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

Q: Emily has $10000 to invest in Apple stock. In the next month, the stock has a 30% chance of gaining…

A: Total amount for investment = $10000.The probability distribution for the provided data is:

Q: If you bet on green on every spin of the wheel, you will lose more than 90% of the time in the long…

A: Given Information: A roulette wheel has 38 pockets. Out of which 18 are red, 18 are black and 2 are…

Q: You are playing a game where you flip 3 coins, if you get all tails you lose $15, for er heads you…

A: Given: 3 coins are flipped If you get all tails you lose $15, for each heads you get $3.

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: We have to find expected value.

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given: $10 each and sell 800 tickets one $1000 ground prize four $ 200-second prize fifteen $20…

Q: An appliance store sells additional warranties on its refrigerators. Twenty percent of the buyers…

A: We have given following information: of buyers buy the limited warranty for . of buyers buy the…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

Q: Suppose you are producing an outdoor festival. You estimate that you will make $300000 if it does…

A: We have to find what are expected earnings for the festival.

Q: In the casino a card game takes 1 dollar bets, players have a 46% chance of winning back their bets…

Q: 2. In a game, you have to roll a six-sided die and flip a coin. What is the probability of getting a…

A: In a game, six-sided die and coin was flipped. When flipping a coin, the outcomes are (Head, Tail).…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given,Price of each ticket = $9Total number of tickets = 600And there is one $2,000 grand prize, two…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given information- We have given that the student council is hosting a drawing to raise money for…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given: The student council is hosting a drawing to raise money for scholarships. Cost of one ticket…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given that, Sell 600 tickets, $7 for each One $2000 grand prize Three $400 grand prize Twelve $10…

Q: You just bought one ticket. Find the expected value for your profit

A: here given, The student council is hosting a drawing to raise money for scholarships. They are…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given, Total tickets =800 Given data can be represented as below table. Cost of Ticket Prize…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: There are 700 tickets, where price of each ticket is $6.

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: Given problem Given that The student council is hosting a drawing to raise money for…

Q: Stephen Curry 3 points field goal percentage is 43.5% and 2 points field goal percentage is 47.6%.…

A: If Curry makes a 3 pointer successfully his team will win the match straight away while if he misses…

Q: In the game "Rolling for Rubles", you win $1 for rolling a 1, $2 for a 2 and so on till $6 for…

A: It is given that, We are rolling a Rubbles. The probability of getting the each number is 1/6 The…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

A: The cost of a single ticket is $5. Total tickets are 500.

Q: Joan and Cindy are on the same bowling league. The probability that Joan scores more than 150 is…

A: Given that: Probability that Joan scores more than 150 = 0.4 Probability that Cindy scores more than…

Q: John and Jess play a game where they each roll a die, but John's die is six-sided and Jess's is…

A: It is given that there are totally forty-eight outcomes.

Q: A booth at the school carnival prepared 30 grab bags offered for sale for $3.00 a bag. Ten bags…

Q: The student council is hosting a drawing to raise money for scholarships. They are selling tickets…

Question

Round your answer to 2 decimal places.

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Given:

VIEW

Step 2: Find the probabilies

VIEW

Step 3: Calculate the expected return

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

If you play this game 150 times, how much would you expect to win or lose?
R5
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 600 tickets. There is one $1,000 grand prize, three $200 second prizes, and thirteen $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 800 tickets. There is one $2,000 grand prize, three $400 second prizes, and sixteen $20 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $ 5.6 Hint: Hint
You call a number off a fair 8-sided die. You then call a number off a fair 12-sided die. You roll both. What is the probability of correctly calling the 8-sided die or 12-sided die roll? I need help remembering the steps to the solution which I know is 0.1979
Suppose you are producing an outdoor festival. You estimate that you will make $100000 if it does not rain and make $50000 if it does rain. The weather bureau predicts that the chance of rain is 35% for the day of the concert. What are your expected earnings for the festival?
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $9 each and will sell 600 tickets. There is one $1,000 grand prize, three $400 second prizes, and seventeen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 500 tickets. There is one $3,000 grand prize, three $300 second prizes, and sixteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $4
You are playing a game of dice where it involves rolling three dice and betting on one of the six numbers that are on the dice. The game costs P80 to play. You win P160 if the number you bet appears on only one dice, P180 if on two dice and P320 if on all three. What is your expected profit from the game? Select one: O a.-P10.50 O b. P35.80 C. P23.25 d. P85.00 O e. -P63.25
Suppose 10% of all redeemed coupons at a supermarket are for 50% off the item purchased. A simulation is used to model a coupon randomly selected and then recorded as 50% off or not 50% off. Which simulation best models the scenario? Place 40 equally sized pieces of paper in a hat. Of the 40, 4 read "50% off" and the rest read "not 50% off ". O Place 30 equally sized pieces of paper in a hat. Of the 30, 6 read "50% off" and the rest read "not 50% off ". O Place 80 equally sized pieces of paper in a hat. Of the 80, 10 read "50% off" and the rest read "not 50% off ". O Place 50 equally sized pieces of paper in a hat. Of the 50, 10 read "50% off" and the rest read "not 50% off ".
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 600 tickets. There is one $3,000 grand prize, four $400 second prizes, and eighteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 500 tickets. There is one $2,000 grand prize, three $400 second prizes, and fifteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.