40 Answered Questions for the topic Expected value

Expected Value

11/30/16

What is the expected value of a single warranty?
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... more
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Expected Value Probability

11/16/16

Calculating expected value E(X^3 - X) ?
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!
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Expected Value

10/04/16

You play a gambling game with your friend in which you win 60% of the time and lose 40% of the time. When you lose, you lose $1. What profit should you earn whe
I keep coming up with $1.50 but again this answer seems to be wrong according to Web Assign.
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09/26/16

Bill and Larry toss two coins.
Bill and Larry toss two coins. If both coins come up heads, Bill pays Larry $4. Larry pays Bill $1 otherwise. What is the expected value of this game for Bill? What is the expected value of this... more
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09/26/16

handle of casino
A casino's gross revenue—all the money wagered by players—is referred to in the business as the handle. The hold is the profit the casino retains after players are paid. If a casino's hold is... more
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05/06/16

Determining Probability from Expectation
A gambler is playing with a crooked(unfair) twelve-side die. The chances that certain side of a die will turn up is given in the table below, except for P5 and P6. Find P5 and P6 if it known that... more
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Expected Value Statistics Question

11/28/15

Expected Value
I get to answer 1 question a day that I have a 70% chance of getting that question right. I'm offered prizes for getting a streak of questions right in a row. However, anytime I accept a prize, the... more
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Expected Value

11/08/15

Jackpot set at $190,000,000 expected value
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... more
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Expected Value Math Word Problem

06/29/15

Expected Value
It costs $10 to play a game. You have a 15% chance of winning. You collect $30 if you win. Otherwise you lose your $10. Find the expected value.
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Expected Value Stats

06/28/15

A poll taken before a recent election indicates that Candidate A leads Candidate B by a 52% to 48% margin. Tom agreed to pay Emma $2 if Candidate B wins.
How much should Emma agree to pay Tom if Candidate A wins in order to make the game fair? And how would you go about finding the answer?
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Expected Value Math Probability

06/15/15

Probability?
1.In a game of dice, the probability of rolling a 12 is 1/36. The probability of rolling a 9, 10, or 11 is 9/36. The probability of rolling any other number is 26/36. If the player rolls a 12, the... more
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Expected Value

04/23/15

Interest/Expected value
Assume 5 out of every 3000 students at a local community college have to quit due to health issues. AN insurance company offers them a $9,000 policy for $50 a year. What is the amount the insurance... more
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01/26/15

Expected Value Question
If a test has 30 questions each with 4 answers what would be the expected value if you guessed all 30 questions. The test is out of 100 points.
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Expected Value

11/20/14

if you drove 3,000 miles per month during the summer but only 1,000 miles per month the rest of the year, what is your average miles per month?
i need help solving my problem because i never learned expected value in my Algebra 2 class so now i am having trouble
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Expected Value Random Variable

11/16/14

Random 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... more
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