Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. statistics
  3. suppose that you are offered the following deal yo

Suppose that you are offered the following deal You roll a six sided die If...

80.2K

Verified Solution

Question

Statistics

image

Suppose that you are offered the following deal You roll a six sided die If you roll a 6 you win 14 If you roll a 3 4 or 5 you win 2 Otherwise you pay 6 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 Probability Distribution P X X Table b Find the expected profit Round to the nearest cent c Interpret the expected value O You will win this much if you play a game O If you play many games you will likely win on average very close to 1 33 per game O This is the most likely amount of money you will win d Based on the expected value should you play this game O Yes since the expected value is positive you would be very likely to come home with more money if you played many games O Yes because you can win 14 00 which is greater than the 6 00 that you can lose O No since the expected value is negative you would be very likely to come home with less money if you played many games O No this is a gambling game and it is always a bad idea to gamble O Yes since the expected value is 0 you would be very likely to come very close to breaking even if you played many games so you might as well have fun at no cost

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Using the full case opinion of Gerber & Gerber, P.C. v. Regions Bank, set forth in...

Finance
1.2K views

What is market capitalization and how market capitalization related to airline business 150words

General Management
1.2K views

Business start-up Describe how the company developing marketing strategies, marketing plan, collecting information and forecasting demand for...

Accounting
1.2K views

Based on your work experience or reading of the chapter, briefly describe how an ERP can...

Physics
1.2K views

Example 26 An unpolarized light is successively passed through two polaroids each with their transmission...

Physics
1.2K views

204 The reading of the ideal voltmeter in the adjoining diagram will be B 10...

Physics
1.2K views

A weight lifter lifts a 360-N set of weights from ground level to a position...

Basic Math
1.2K views

Let B be the set of all blue things Let C be the set of...

Basic Math
1.2K views

Andrea is buying some new shirts and sweaters. She is able to buy 10 shirts...

Calculus
1.2K views

Of the entering class at a college, 69% attended public high school, 25% attended private...

Accounting
1.2K views

the following unadjusted trial balance is for ace construction co as of the end of...

Accounting
1.2K views

Please answer with reason for all why the option is correct and why the other...