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....

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

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...

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 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...

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...

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...

1. What is the expected value for the random variable described by the probability distribution below? x 2 4 7 8 P(x) .3 .25 .15 .3 2. Using...

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!

This is a math question about probability density function. I would really appreciate help for this question. Let X be a continuous random variable which follows the following probability density...

the question says to find the expected value?

I keep coming up with $1.50 but again this answer seems to be wrong according to Web Assign.

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...

In roulette, you may bet whether the number that comes up is odd (or even). (Remember that 0 does not count as either odd or even.) The wager pays even money, that is, if you win, you get whatever...

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 $2,500,000...

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...

Assume 22 in every 1000 students at the local community college have to quit due to serious health issues. An insurance company offers them a ?$9000 policy for ?$60 a year. What is the amount the...

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