A gamble draws a card from an ordinary deck of cards. If it is a black card, she wins $2. If it is a red card between or including 3 and 7, she wins $10. If it is a red face card, she wins $25, and...

A gamble draws a card from an ordinary deck of cards. If it is a black card, she wins $2. If it is a red card between or including 3 and 7, she wins $10. If it is a red face card, she wins $25, and...

Find the expected value of buying a scratch-off lottery ticket.

a new lottery is made up of selecting four balls numbered 1-30 and a kicker ball numbered 1-10. assuming there's only one way to win, what is the probability of winning the lottery

A contest at a fast-food restaurant offered the following cash prizes and probabilities of winning on one visit when a customer buys an order of French fries for $ 1.63 Find the expected winnings...

Imagine you are doing research for a term paper in your English class and you have chosen the topic to be “The Benefits and Costs of My State's Lottery”. You find the following information for your...

A coin is tossed until we get the pattern HTH. Assume that H appears with probability p. What is the expected number of flips required? [Hint: Condition on the number of flips required to...

A gambler draws a card from an ordinary deck of cards. If it is a black card, she wins $2. If it is a red card between or including 3 and 7, she wins $10. If it is a red face card, she wins $25, and...

5. In the past few years, attention has been focused on hybrid learning versus traditional learning. Administrators in a large urban district take a random sample of 50 ninth graders and compare the...

The probability that your device needs repairs 18% and the average cost of repairs for this device is $145 (parts and labor). What is the expected value for this contract? Show all math for this....

payment of $2000 with probability of 10% payment of $5000 with probability of 4% payment of $10,000 with probability of 2% ?

Expected Value

Draw 5 cards at random from the deck. For sums < 8 you win double that sum in dollars. For 8 ≤ sum ≤ 20 you lose half your sum in dollars. If sum > 20, you lose total sum in dollars. Find the...

A gambler, proposes the following game of chance. You roll a fair die. If you roll a 1, then you receive $40. If you roll a 2, you receive $20. If you roll a 3, you receive $15. If you roll a 4 or...

A raffle offers a first prize of $1000, 2 second prizes of $300, and 20 third prizes of $10 each. If 20000 tickets are sold at 75 cents each, find the expected winnings for a person buying 1 ticket...

A manufacturer is considering the development of a new and improved mousetrap. She estimates the probability that the new mousetrap being successful at market is 75%. Success would result in profits...

1. You are arranging 7 books in a row on a shelf. One of the books is a dictionary and must go in the middle. How many ways can the books be arranged? 2. You...

I need to find the expected population

An electronics store sells extended warranties. For a particular product they estimate 8% of those who buy the $14 warranty will use it, costing the store $110 to replace and ship the product. What...

How do I calculate the expected value of E(X3 - X)? Is it equal to E(X3) - E(X)? I know the values of E(X3) and E(X) individually. Thanks in advance!

the question says to find the expected value?