While walking around you see a carnival game! The game has a 1% chance of you winning $150, a 3% chance of you winning $20, a 6% chance of you winning $6, and an 90% chance of you winning nothing. If the game costs $3 to play, how much should you expect to win (or lose) if you play this game once? For the same situation, how much should you expect to win (or lose) if you play the game 300 times?

While walking around you see a carnival game! The game has a 1% chance of you winning $150, a 3% chance of you winning $20, a 6% chance of you winning $6, and an 90% chance of you winning nothing. If the game costs $3 to play, how much should you expect to win (or lose) if you play this game once? For the same situation, how much should you expect to win (or lose) if you play the game 300 times?

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter12: Probability

Section12.CR: Chapter 12 Review

Problem 110CR

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Part 2: Carnival Games At the carnival, you may remember a game where you throw darts to pop two balloons from a wall. The balloons may have prize tokens. For the next player... • There are 50 balloons on the wall and 21 of them each contain a prize token. • The next player pays $2 and gets to throw darts until they pop 2 balloons. Their winnings are based on how many prize tokens they collect. See the table below. Note: The payout of tokens does NOT take into consideration the $2 the player paid. Find the expected value for this game for the next player. Find who the game favors. Complete the tree diagram using non-simplified fractions to label the probabilities. Use T for token and NT for no token. On the right of the tree, list the four outcomes and their final probabilities using non-simplified fractions. Check these add to one. START 1 balloon with a token (T) Use the outcomes' probabilities from the tree to find the expected value of this game. Use all four probabilities in the…