MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
expand_more
expand_more
format_list_bulleted
Question
In the game of roulette, a player can place a $5bet on the number 2 and have a 138 probability of winning. If the metal ball lands on 2, the player gets to keep the $5 paid to play the game and the player is awarded $175. Otherwise, the player is awarded nothing and the casino takes the player's
$5.
What is the expected value of the game to the player? If you played the game 1000 times, how much would you expect to lose?
The expected value is
(Round to the nearest cent as needed.)
The player would expect to lose about
(Round to the nearest cent as needed.)
Expert Solution
arrow_forward
Step 1
Assume that x is the net amount to the player from the game.
Step by stepSolved in 2 steps
Knowledge Booster
Similar questions
- In a coin and die game, you roll a fair six-sided die and toss a coin. If you roll a 6 and toss a tails, you gain $110. Otherwise, you lose $10. If you were to play the game 45 times, how much money can you expect to gain or lose? Round the expected value for one game to the nearest cent. Enter an expected loss as a negative number.arrow_forwardThere is a game of chance called "Lightning Dice" at a charity carnival. It costs $2 to play. The player then rolls 4 dice. If the player rolls 3 or more sixes, then the player wins $30. Otherwise, the player wins nothing. How much can you expect to gain or lose if you play this game 68 times?arrow_forwardA card is drawn from a standard deck of 52 playing cards. What is the probability that the card will be a heart or an ace? Express your answer as a fraction or a decimal number rounded to four decimal places.arrow_forward
- A friend proposes a gamble to you. You roll 2 fair, six-sided dice, and add up the results of each die to find your total number. If your roll totals a 6 or 8, your friend pays you $30. If you roll any other total, you pay your friend $10. What is your expected payoff from playing this game 100 times?.arrow_forwardTom has a standard set of pool balls. If he were to draw one ball at random, what is the probability that it will be red or yellow? Give your answer in its simplest form.arrow_forwardA bag contains 3 red marbles, 9 white marbles, and 15 blue marbles. You randomly select one marble from the bag. If it is red, you win $4. If it is white, you win $2. If it is blue, you lose $1. What is your expected value when playing this game? Round your answer to the nearest cent.arrow_forward
- In the game of roulette, a player can place a $5 bet on the number 20 and have a 138 probability of winning. If the metal ball lands on 20, the player gets to keep the $5 paid to play the game and the player is awarded an additional $175. Otherwise, the player is awarded nothing and the casino takes the player's $5. What is the expected value of the game to the player? If you played the game 1000 times, how much would you expect to lose?arrow_forward200,000 lottery tickets are sold for $3 each. There is one jackpot prize of $50,000, 25 second prizes of $2000, and 100 third prizes of $40. Find the expected value of your profit when you buy a ticket. Round your answer to the nearest cent.arrow_forwardYou toss a coin three times. If you toss heads exactly two times, you win $2. If you toss heads all three times, you win $8. Otherwise, you lose $3. What is the expected payout for one round of this game? Round your answer to the nearest cent. Enter an expected loss as a negative number.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- MATLAB: An Introduction with ApplicationsStatisticsISBN:9781119256830Author:Amos GilatPublisher:John Wiley & Sons IncProbability and Statistics for Engineering and th...StatisticsISBN:9781305251809Author:Jay L. DevorePublisher:Cengage LearningStatistics for The Behavioral Sciences (MindTap C...StatisticsISBN:9781305504912Author:Frederick J Gravetter, Larry B. WallnauPublisher:Cengage Learning
- Elementary Statistics: Picturing the World (7th E...StatisticsISBN:9780134683416Author:Ron Larson, Betsy FarberPublisher:PEARSONThe Basic Practice of StatisticsStatisticsISBN:9781319042578Author:David S. Moore, William I. Notz, Michael A. FlignerPublisher:W. H. FreemanIntroduction to the Practice of StatisticsStatisticsISBN:9781319013387Author:David S. Moore, George P. McCabe, Bruce A. CraigPublisher:W. H. Freeman
MATLAB: An Introduction with Applications
Statistics
ISBN:9781119256830
Author:Amos Gilat
Publisher:John Wiley & Sons Inc
Probability and Statistics for Engineering and th...
Statistics
ISBN:9781305251809
Author:Jay L. Devore
Publisher:Cengage Learning
Statistics for The Behavioral Sciences (MindTap C...
Statistics
ISBN:9781305504912
Author:Frederick J Gravetter, Larry B. Wallnau
Publisher:Cengage Learning
Elementary Statistics: Picturing the World (7th E...
Statistics
ISBN:9780134683416
Author:Ron Larson, Betsy Farber
Publisher:PEARSON
The Basic Practice of Statistics
Statistics
ISBN:9781319042578
Author:David S. Moore, William I. Notz, Michael A. Fligner
Publisher:W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:9781319013387
Author:David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:W. H. Freeman