HomeworkLib
Question

A game has an expected value to you of ​$1700. It costs ​$1700 to​ play, but...

A game has an expected value to you of ​$1700. It costs ​$1700 to​ play, but if you​ win, you receive​ $100,000 (including your ​$1700 ​bet) for a net gain of ​$98,300. What is the probability of​ winning?

math   Statistics-And-Probability   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

x 100000 0
P(x) p 1-p

probability of​ winning 0.034

0 0
Add a comment
Know the answer?
Add Answer to:
A game has an expected value to you of ​$1700. It costs ​$1700 to​ play, but...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • A game has an expected value to you of $2000. It costs $2000 to play, but...

    A game has an expected value to you of $2000. It costs $2000 to play, but if you win, you receive $100,000 (including your $2000 bet) for a net gain of $98,000. What is the probability of winning? Would you play this game? Discuss the factors that would influence your decision. The probability of winning is (Type an integer or a decimal.)

  • A game has an expected value to you of $800. It costs $200 to play, but...

    A game has an expected value to you of $800. It costs $200 to play, but if you win, you receive $100,000 including your $800 bot) for ane gain of $9.200. What is the probability of winning? Would you play this game? Discuss the factors that would influence your decision The probability of winning is (Type an integer or a decimal) Would you play this game? Do the factors that would influence your decision Since the probability of winning the...

  • A boardwalk game of chance costs $1 to play. You have a 25% chance of winning...

    A boardwalk game of chance costs $1 to play. You have a 25% chance of winning $1 back, a 20% chance of winning $2 (your $1 back, plus an additional $1), and a 10% chance to win $5 (a gain of $4). What is the expected value of playing the game if you lose your bet 45% of the time?

  • Your probability of winning a game of chance is 0.4. If you play the game 3...

    Your probability of winning a game of chance is 0.4. If you play the game 3 times, what is the probability that you will win exactly 2 times?

  • In a​ state's Pick 3 lottery​ game, you pay $1.47 to select a sequence of three...

    In a​ state's Pick 3 lottery​ game, you pay $1.47 to select a sequence of three digits​ (from 0 to​ 9), such as 700. If you select the same sequence of three digits that are​ drawn, you win and collect $380.47. Complete parts​ (a) through​ (e). a. How many different selections are​ possible? b. What is the probability of​ winning? ​(Type an integer or a​ decimal.) c. If you​ win, what is your net​ profit? (Type an integer or a​...

  • An instant lottery game gives you probability 0.10 of winning on any one play. Plays are...

    An instant lottery game gives you probability 0.10 of winning on any one play. Plays are independent of each other. You play 4 times. a) If X is the number of times you win, contract the probability distribution of X. b) What is the probability that you don't win at all? c) What is the probability that you win at least once? d) What is the expected value of X? What is the standard deviation of X?

  • It costs $6.25 to play a very simple game, in which a dealer gives you one...

    It costs $6.25 to play a very simple game, in which a dealer gives you one card from a deck of 52 cards. If the card is a heart, spade, or diamond, you lose. If the card is a club other than the queen of clubs, you win $10.00. If the card is the queen of clubs, you win $48.50. The random variable x represents your net gain from playing this game once, or your winnings minus the cost to...

  • Question Help In a state's Pick 3 lottery game you pay 50 83 to select a...

    Question Help In a state's Pick 3 lottery game you pay 50 83 to select a sequence of three digits (from 0 to 9), such as 922. If you select the same sequence of three digits that are drawn, you win and collect $286.53 Complete parts (a) through (e). b. What is the probability of winning? 0.001 (Type an integer or a decimal) c. If you win, what is your net profit? S285.70 (Type an integer or a decimal) d....

  • We are going to play a game of chance. We will roll a die (half of...

    We are going to play a game of chance. We will roll a die (half of a pair of dice) and if it comes up with one or two spots showing, you win and I will pay you $1.50. If it comes up with three, four, five, or six spots showing, you lose and you will pay me $1.20. So, the probability that you will win is 1/3 and the probability you will lose is 2/3. Your financial benefit will...

  • Supposed a certain game is fair and costs $10 if you lose and has a net...

    Supposed a certain game is fair and costs $10 if you lose and has a net payoff of $9 if you win. The only possible outcomes of the game are winning and losing. What is the probability of winning?

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT