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John has a bag with 8 balls numbered 1 through 8. He is playing a game of chance. This game is this: John chooses one ball from the bag at random. He wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is selected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. He loses $17 if 7 or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. dollars (b) What can John expect in the long run, after playing the game many times? (He replaces the ball in the bag each time.) O John can expect to gain money. He can expect to win dollars per selection. O John can expect to lose money. He can expect to lose dollars per selection. O John can expect to break even (neither gain nor lose money).

John has a bag with 8 balls numbered 1 through 8. He is playing a game of chance. This game is this: John chooses one ball from the bag at random. He wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is selected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. He loses $17 if 7 or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. dollars (b) What can John expect in the long run, after playing the game many times? (He replaces the ball in the bag each time.) O John can expect to gain money. He can expect to win dollars per selection. O John can expect to lose money. He can expect to lose dollars per selection. O John can expect to break even (neither gain nor lose money).

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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John has a bag with 8 balls numbered 1 through 8. He is playing a game of chance. This game is this: John chooses one ball from the bag at random. He wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is selected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. He loses $17 if 7 or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. dollars (b) What can John expect in the long run, after playing the game many times? (He replaces the ball in the bag each time.) O John can expect to gain money. He can expect to win dollars per selection. O John can expect to lose money. He can expect to lose dollars per selection. O John can expect to break even (neither gain nor lose money). X S
Transcribed Image Text:John has a bag with 8 balls numbered 1 through 8. He is playing a game of chance. This game is this: John chooses one ball from the bag at random. He wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is selected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. He loses $17 if 7 or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. dollars (b) What can John expect in the long run, after playing the game many times? (He replaces the ball in the bag each time.) O John can expect to gain money. He can expect to win dollars per selection. O John can expect to lose money. He can expect to lose dollars per selection. O John can expect to break even (neither gain nor lose money). X S
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