What is the expected value of the amount

Assignment Help Mathematics
Reference no: EM132082234

Imagine a friend invites you to play a game of chance that costs $1 to play each time. You get to choose one card. You win if your card is the Ace of Spades. Otherwise, you lose. The amount of money you could win is $(40 + the day of your birth). For example, if you were born on July 4th, you could win $40 + $4 = $44 if you chose the Ace of Spades in your draw. What is the expected value of the amount you will win from each turn? Would it be a good idea to play this game only one time? Would it be a good idea to play 1,000 times, assuming the card you chose is replaced and the deck is reshuffled on each play?

Reference no: EM132082234

Questions Cloud

What is the approximate real rate of interest : If Treasury bills are currently paying 5.1 percent and the inflation rate is 2.2 percent, what is the approximate real rate of interest?
What is the volume of the great pyramid in cubic yards : The Great Pyramid outside Cairo, Egypt, has a square base measuring 756 feet on a side and a height of 480 feet.
Would you recommend that alison keep operating : BUS302 Entrepreneurship - king's own institute - Would you recommend that Alison keep operating as she is, or should she expand via franchising?
Do you think the actions of the politicians are ethical : Traverse County needs a new county government building that would cost $10 million. The politicians feel that voters will not approve a municipal bond issue.
What is the expected value of the amount : What is the expected value of the amount you will win from each turn? Would it be a good idea to play this game only one time?
Bases for positioning and promotion of these products : What are some "innate" and "acquired" (psychological) needs that would be useful bases for positioning and promotion of these products?
Construct a frequency distribution using 5 classes : Construct a frequency distribution using 5 classes. Which table below shows the relative frequency of each class?
Perform a comparison of the costs of given two options : Transport Pros LLC requires a new concrete compression machine to conduct research that will improve our roads and walkways. They have narrowed their search.
Globaledge databases of industry performance : Using information from the ABI Inform and GlobalEdge Databases of Industry Performance,

Reviews

Write a Review

Mathematics Questions & Answers

  One angle of a triangle is 34 degrees the oppisite side is

one angle of a triangle is 34 degrees. the oppisite side is 20mm and a second side is 27mm. find all possible values

  Calculate the total value of sales of version

Sales of Version 6.0 of a computer software package start out high and decrease exponentially. At time t, in years, the sales are s(t) = 50e-t.

  How much do they still owe on their mortgage

After 4 years 9 months of monthly mortgage payments on their 30-year $150,000 mortgage at 8.75%, the Jones family has to relocate to Atlanta

  Assignment-discussion-visions of god

Christianity and Islam are more recent religions, both appearing within the past 2,000 years. Both claim to offer the ultimate revelation of God to humanity.

  Find the length of each of the three sides

Three sides of a triangle are consecutive odd integers and the perimeter of the triangle is 81 inches. Find the length of each of the three sides. (Show all of the algebra and include the units in your answer).

  Discuss the empmult program

There is only one kind of manager in the EMPMULT program in this chapter. Any serious company has executives as well as managers.

  The sales goal for your store this week last year was 20128

question the sales goal for your store this week is 22682. the sales goal for your store this week last year was 20128.

  Find the lengths of each side

The perimeter of a triangle ABC is 54. If the triangle has side lengths AB=3x,BC=4x, and AC=5x, find the lengths of each side.

  They also brought 4 can cans of sauce each can weighed 8 oz

jared and cody went on a backpacking trip for 3 days. they brought 2 boxes of spaghetti. each box weighed 16 oz. they

  How many donuts should be made daily

Donut Delights, Inc. has determined that when x donuts are made daily, the profit P, in dollars, is given by

  Coefficient for the systolic and diastolic measurements

What is the best predicted value for diastolic pressure given that a woman has a systolic level of 100 - find the linear correlation coefficient for the systolic and diastolic measurements.

  A set of vectors

Suppose that we are given a set of vectors {x(1),...,x(p)}, x(i) n, i = 1,...,p. Find the vector x n such that the average squared distance (norm) between and x(1),..., x(p),

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd