Would it be a good idea to play this game only one time

Assignment Help Business Management
Reference no: EM132072385

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: EM132072385

Questions Cloud

What is the expected returned of the stock : The probability of a recession is 25 percent while the probability of a boom is 10 percent and normal period is 65%.
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.
Construct the minimum variance portfolio using rx and rm : What is the beta of asset X? Construct the minimum variance portfolio using Rx and Rm.
Calculate capital turnover : Results from Riadapi Company are as follows given in the table.Question : Calculate capital turnover.
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?
Share in two for one stock split : What would happen to investor with 100 shares of stock Y that sells for $40 a share in a two-for-one stock split?
How much time will it take to accumulate a total : Your retirement account has a current balance of $66,500. How much time will it take to accumulate a total of $1,500,000.
Annual output of goods and services of labor : The growth in the gross domestic product (GDP = annual output of goods and services of labor and property of a country) in real terms is usually 2-3% annualiy
Create a report recommending the best loan for this client : The client estimates that they will want to own the property between 5 and 10 years, inclusive.

Reviews

Write a Review

Business Management Questions & Answers

  A key decision maker to solve the challenge

Determine the additional strategy to a key decision maker to solve the challenge given.

  Brand communication to influence consumers

How does Nike (brand) use brand communication to influence consumers' psychological states and behavior?

  Measurements in organization or business

Discuss your experience with measurements in your organization or business? Do you find some to be more or less useful than others?

  Illustrate what aspects of nasa practice revealed

Illustrate what aspects of NASA practice revealed in the aftermath of the Columbia disaster suggest which the changes sought in the aftermath of the Challenger disaster were not sustained?

  Convert a string object to a number

Assume you had a task to convert a string object to a number. Speculate on whether or not you can convert any string object to a number with or without.

  Longest palindromic subsequence in a string provided

Implement a dynamic programming solution to find the longest palindromic subsequence in a string provided by the user

  Determine the key transformational qualities

Determine the key transformational qualities the leader possesses. Based on your research, explain the impact the leader has had on his or her organization.

  What types of financial performance measures exist

What type of internal control does the organization have in place? What types of financial performance measures exist within the organization? What are your conclusions on the key cultural aspects of the company you've analyzed?

  Explain emotional intelligence to control mood

Describe how you might use emotional intelligence to control mood and create a positive work environment in your branch.

  What is the probability

What is the probability that a call from one of these phones will last less than 180 seconds? (Round up to three decimals.)

  Provides values for key variables in an economy

The table below provides values for key variables in an economy.

  A business case for implementing an e-procurement system

Identify a company that you are familiar with and provide one example of a commodity product they use. I pick WW Grainger as my company. They sell hardware like wrenches.

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