Explain probability calculating the expected value

Reference no: EM13118027

Probability: Calculating the Expected Value

You give $3 for a bet in a casino game and there is a 253/495 probability that you will lose your $3 and there is a 242/495 probability that you will make a net gain of $3 (If you win the casino gives you $3 and you keep your $3 bet so the net gain is $3).

1. What is your expected value?

2. In the long run how much do you lose for each dollar bet?

Reference no: EM13118027

Questions Cloud

World''s oceans are under extreme pressure : The world's oceans are under extreme pressure from overfishing, pollution and coastal development, two major commissions have warned. Global fish catches have declined in recent years, despite the use of increasingly sophisticated equipment - includi..

Discuss and compare estimates : Discuss ways to estimate the number of radio stations on the air in 1975. Compare your estimates with the actual value of 7700 stations. Repeat this estimate for the 1985 and compare it to the actual value of 10,400. Discuss your results.

Determine the expectation of the game : if a gambler rolls a dice twice to get a sum of 10, he wins $10. and if he gets a sum of three, he wins $20. The cost to play the game is $5. What is the expectation of the game?

Equations that prove the associative property : Explain how you can find the difference 120-70 using mental math. Then name the difference. Write two equations that prove the Associative Property is not true for subtraction.

Explain probability calculating the expected value : Probability Calculating the Expected Value, You give $3 for a bet in a casino game and there is a 253/495 probability that you will lose your $3 and there is a 242/495 probability that you will make a net gain of $3

Find mean income using a standard deviation : She surveys 100 randomly selected families and finds the mean income to be $96,321 with a standard deviation of $9555.With a0.05, is she correct?

How many copies of each gene are there in the cell : In a Drosophila virilis salivary gland cell before endomitosis, how many copies of each gene are there in the cell? At the end ofendomitosis, how many copies of each gene are there in the cell?

Interpret the results of alleged racial discrimination : Predictors YearHire (year when the individual was hired), Race (1 if individual is black, 0 otherwise), and Rank (1 if individual is an assistant professor, 0 otherwise). Interpret these results.

Compute deck of cards probability : What is the probability that all the aces will appear before any of the tens? Compute Deck of cards probability

User Account

All Pages