Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $18. If you roll a 4 or 5, you win $4. Otherwise, you pay $5. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. X P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. This is the most likely amount of money you will win. If you play many games you will likely win on average very close to $1.83 per game.
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $18. If you roll a 4 or 5, you win $4. Otherwise, you pay $5. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. X P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. This is the most likely amount of money you will win. If you play many games you will likely win on average very close to $1.83 per game.
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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Question
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $18. If you roll a 4 or 5, you win $4. Otherwise, you pay $5.
a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate.
X | P(X) |
---|---|
b. Find the expected profit. $ (Round to the nearest cent)
c. Interpret the
- This is the most likely amount of money you will win.
- If you play many games you will likely win on average very close to $1.83 per game.
- You will win this much if you play a game.
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