|
To calculate how much Mike should charge to play this game if he wants to make $0.90, on average, each time the game is played, we can first determine the expected value of the game.
There are 7 balls numbered 1 through 7 in the urn, and when you select two balls without replacement, the maximum number on the two balls will be the prize amount.
Let's calculate the probability of getting each possible maximum number:
Maximum number = 7: This can only happen when you draw the balls 7 and any other ball. There are 6 ways to choose the second ball. So, the probability is (1/7) * (6/6) = 1/7.
Maximum number = 6: This can happen in two ways: (6, 5) or (7, 6). So, the probability is (1/7) * (5/6) + (1/7) * (1/6) = 11/42.
Maximum number = 5: This can happen in three ways: (5, 4), (6, 4), or (7, 5). So, the probability is (1/7) * (4/6) + (1/7) * (4/6) + (1/7) * (2/6) = 17/42.
Maximum number = 4: This can happen in three ways: (4, 3), (5, 3), or (6, 3). So, the probability is (1/7) * (3/6) + (1/7) * (3/6) + (1/7) * (3/6) = 13/42.
Maximum number = 3: This can happen in two ways: (3, 2) or (4, 2). So, the probability is (1/7) * (2/6) + (1/7) * (2/6) = 4/21.
Maximum number = 2: This can happen in one way: (2, 1). So, the probability is (1/7) * (1/6) = 1/42.
Step by stepSolved in 3 steps
- Sarah has a gift card worth $60 that loses $3 each month that it isn't used. Max has a gift card worth $50 that loses $2 each month that it isn't used. After how many months will they be worth the same amount?arrow_forwardA country taxes the first $30,000 of an individual's income at a rate of 20%, and all income over $30,000 is taxed at 25%. Amy makes $22,500 and Bethany makes $67,000. How much is each taxed ?arrow_forwardAmy rents a table at a fair, for which she is charged a $10 daily rental fee. She purchases apples from a farmer for $0.60 each and sells them at her table for $1.00 each. If she expects to make a total profit of at least $50 for the day, what is the least number of apples she must sell?arrow_forward
- Kilgore's Deli is a small delicatessen located near a major university Kilgore does a large walk-in carry-out lunch business. The deli offers two luncheon chili specials, Wimpy and Dial 911. At the beginning of the day, Kilgore needs to decide how much of each special to make (he always sells out of whatever he makes). The profit on one serving Of Wimpy is $0.45. on one serving Of Dial 911 $0.58. Each serving Of Wimpy requires 0.25 pound Of beef. 0.25 cup Of onions, and 5 ounces Of Kilgore's special sauce. Each serving Of Dial 911 requires 0.25 pound Of beef, 0.4 cup Of onions. 2 ounces Of Kilgore's special sauce. and 5 ounces Of hot sauce. Today, Kilgore has 20 pounds of beef, 15 cups of onions, 88 ounces of Kilgore's special sauce, and 60 ounces of hot sauce on hand. a. Develop an LP model that will tell Kilgore how many servings of Wimpy and Dial 911 to make in order to maximize his profit today. b. Find an optimal solution. Iarrow_forwardIn counting the money collected on his paper route Frank finds that he has 3 more dimes than nickles and 3 less dimes than quarters. If his total collections amounted to $13.40, how many coins of each kind did he have?arrow_forwardSuppose a student got an 82 on an exam that was worth 25% of the final grade, a 75 on another exam worth 25% of the final grade, and 93 for a homework score worth 10% of the final grade. They only have the final exam left, which is worth 40% of the final grade. What score is needed on the final exam to get a 90 for a final grade?arrow_forward
- A raffle is being held to benefit the local animal shelter. They sell 973 tickets that do not win any prize, 8 tickets that win a free adoption (valued at $20), and one ticket that wins $157 worth of pet supplies and toys. If they are selling the tickets for $5 each, how much should the shelter expect to earn for each ticket sold?arrow_forwardA certain fruit stand sold apples for $0.70 each and bananas for $0.50 each. If a customer purchased both apples and bananas from the stand for a total of $6.30, what total number of apples and bananas did the customer purchase?arrow_forwardSpencer is a plumber, and his coworker Nolan is an electrician. Spencer charges customers a fee of $46 just to come to their houses and then $3 per minute that he is there. Nolan also charges a fee of $104 for a home visit, plus an additional $1 per minute. Last week the coworkers went to a job site together, spent the same amount of time working, and earned the same amount. How much did each one earn? How much time did each one spend working? Spencer and Nolan each earned _ by working for _ minutes.Thank you!!arrow_forward
- A raffle is being held to benefit the local animal shelter. They sell 727 tickets that do not win any prize, 10 tickets that win a free adoption (valued at $20), and one ticket that wins $138 worth of pet supplies and toys. If they are selling the tickets for $5 each, how much should the shelter expect to earn for each ticket sold?arrow_forwardJazz Concert. Last spring, several of the Mt. Hood Community College (MHCC) jazz groups held a joint concert. Tickets sold for $5.50 to the general public and for $3.00 for students and staff. Ticket sales brought in $1645. If 390 people attended the concert, how many were MHCC students and staff?arrow_forwardA raffle is being held to benefit the local animal shelter. They sell 641 tickets that do not win any prize, 19 tickets that win a free adoption (valued at $20), and one ticket that wins $183 worth of pet supplies and toys. If they are selling the tickets for $5 each, how much should the shelter expect to earn for each ticket sold?arrow_forward
- A First Course in Probability (10th Edition)ProbabilityISBN:9780134753119Author:Sheldon RossPublisher:PEARSON