User Account

All Pages

What would be your expected winnings in this tournament

Assignment Help Basic Statistics
Reference no: EM132464647

Suppose in a t ournament with only three players left, first place receives $6, 000 second place receives $ 3 ,000 and third place receives $ 500. You have a 32 % chance of winning first place, 30% chance of winning second place, and 38 % chance of winning third place..

a) What would be your expected winnings in this tournament?

b) The tournament organizer gives you the option to continue playing or stop and split the total prize money, proportional to your current standings. If you currently have 700 of the 1800 chips curre ntly in play, how much would you win if you stopped playing and split the winnings?

c) Based on parts a and b,, should you continue playing or stop and split the money? Why?

Reference no: EM132464647

Questions Cloud

How to prepare first the journal entry to record the sale : Need help to know how to prepare: first the journal entry to record the sale, Amplify sold the patent for $21,690
Prepare the year-end adjusting entries required to adjust : Determine and Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method.
Critically analyse management of finance and operations : Report will focus on management practices relating to people, operations, finance and marketing and provide insights into areas of good practice and areas.
Determine the steady-state probability : Determine the steady-state probability p1 (Please round to 3 decimal places). Calculate the average number of people in the system
What would be your expected winnings in this tournament : Suppose in a t ournament with only three players left, first place receives $6, 000 second place receives $ 3 ,000 and third place receives $ 500.
Prepare the closing entries for the transactions : Problem - On December 31, 2019, the ledger of Lopez Company contained the following account balances: Prepare the closing entries for the above transactions
Evaluate marketing of the organisation in the case study : Critically analyses and evaluates the management of people, finance, operations and marketing of the organisation in the case study
Difference in proportion of shipments at two warehouses : What is the p-value for testing the hypothesis whether there is a difference in the proportion of shipments at the two warehouses?
What time-series data is used to forecast future demand : What are the various ways a forecast can go wrong using historic data to predict future requirements, resources, or customer demands?

Reviews

Write a Review

Basic Statistics Questions & Answers

  Statistics-probability assignment

MATH1550H: Assignment:  Question:  A word is selected at random from the following poem of Persian poet and mathematician Omar Khayyam (1048-1131), translated by English poet Edward Fitzgerald (1808-1883). Find the expected value of the length of th..

  What is the least number

MATH1550H: Assignment:  Question:     what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?

  Determine the value of k

MATH1550H: Assignment:  Question:     Experience shows that X, the number of customers entering a post office during any period of time t, is a random variable the probability mass function of which is of the form

  What is the probability

MATH1550H: Assignment:Questions: (Genetics) What is the probability that at most two of the offspring are aa?

  Binomial distributions

MATH1550H: Assignment:  Questions:  Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.

  Caselet on mcdonald’s vs. burger king - waiting time

Caselet on McDonald’s vs. Burger King - Waiting time

  Generate descriptive statistics

Generate descriptive statistics. Create a stem-and-leaf plot of the data and box plot of the data.

  Sampling variability and standard error

Problems on Sampling Variability and Standard Error and Confidence Intervals

  Estimate the population mean

Estimate the population mean

  Conduct a marketing experiment

Conduct a marketing experiment in which students are to taste one of two different brands of soft drink

  Find out the probability

Find out the probability

  Linear programming models

LINEAR PROGRAMMING MODELS

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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