You're a contestant on a TV game show. In the final round of the game, if contestants answer a question correctly, they will increase their current winnings of $2 million to $3 million. If they are wrong, their prize is decreased to $1,500,000. You believe you have a 10% chance of answering the question correctly. Ignoring your current winnings, your expected payoff from playing the final round of the game show is $ . Given that this is positive you should not play the final round of the game. (Hint: Enter a negative sign if the expected payoff is negative.) The lowest probability of a correct guess that would make the guessing in the final round profitable (in expected value) is what probability does playing the final round yield an expected value of zero?) . (Hint: At

You're a contestant on a TV game show. In the final round of the game, if contestants answer a question correctly, they will increase their current winnings of $2 million to $3 million. If they are wrong, their prize is decreased to $1,500,000. You believe you have a 10% chance of answering the question correctly. Ignoring your current winnings, your expected payoff from playing the final round of the game show is $ . Given that this is positive you should not play the final round of the game. (Hint: Enter a negative sign if the expected payoff is negative.) The lowest probability of a correct guess that would make the guessing in the final round profitable (in expected value) is what probability does playing the final round yield an expected value of zero?) . (Hint: At

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Similar questions

A man went to Atlantic City with $2000 and placed 100 bets of $20 each, one after another, on the same number on the roulette wheel. There are 38 numbers on the wheel, and the gaming casino pays 35 times the amount bet if the ball drops into the bettor’s numbered slot in the roulette wheel. In addition, the bettor receives back the original $20 bet. Estimate how much money the man is expected to win or lose in Atlantic City.
Over the last 40 weeks, Mr. Neace has lost $2400 playing the lottery. What is his average loss per week?
A waiter receives a 12% tip of $15, What is the value of the bill before the tip?
Suppose you have a coupon worth 6 dollars off any item at a mall. You go to a store at the mall that offers a 20% discount. What do you need to do to save the most money?
You spend a $20 per turn on a fair game to win $40 for each win. You win the first two rounds and lose the third one. What was the net payoff?
An investor deposits 3,500 into an account paying 8% compunded semiannually. Two years later she deposited $1,400 into the same account. How much money was there at the end of 7 years? Round your answer to the nearest cent. At the end of 7 years the account will have $
According to one study, the average monthly cell phone bill in a certain country is $70 (up 31% since 2009). If an 18-year old student with an average bill gives up his cell phone and each month invests the $70 he would have spent on his phone bill in a savings plan that averages a 4% annual return, how much will he have saved by the time he is 70? He will have saved $by the time heis 70. (Round to the nearest cent as needed.)
Metro Cable TV had sales of $2,300,000 in its first year of operation. If thereafter the sales increased by 15% of the previous year, find the sales of the company in the fifth year and the total sales over the first 5 years of operation. (Round your answers to the nearest cent.) fifth year sales $ total sales $
A professional gambler reported that at the end of the first race at the track he had doubled his money. He bet $30 on the second race and tripled the money he came with. He bet $30 on the third race and quadrupled his original bankroll. He bet $84 on the fourth race and lost it, but still had $36 left. With how much money did he start?$
Your Great Aunt Thelma invested $3.75 for you the day your were born. The investment doubles every year until you are 18 years old. When you were 16, you took out the investment because you had to buy something important. How much money would you have had at age 18 if you left the money in the investment? $ How much money did you lose by not keeping the money invested until you were 18 years old? $ (Round to the nearest cent.) (Round to the nearest cent.) Blank 1: Blank 2:
Suppose you are producing an outdoor festival. You estimate that you will make $200000 if it does not rain and make $45000 if it does rain. The weather bureau predicts that the chance of rain is 26% for the day of the concert. What are your expected earnings for the festival?
A local club plans to invest $10000 to host a baseball game. They expect to sell tickets worth $15000. But if it rains on the day of game, they won't sell any tickets and the club will lose all the money invested. If the weather forecast for the day of game is 20% possibility of rain, is this a good investment? * $2000. So, it's a good investment None of the choices. O $2000 . So, it's a bit risky. $200. So, it's a good investment