Question
In: Statistics and Probability
The odds on (against) your bet are 1 to 6. If you bet $18 and win,...
The odds on (against) your bet are 1 to 6. If you bet $18 and win, how much will you gain?
Solutions
orchestra answered 2 years agoRelated Solutions
the chance of winning a bet is 50%. If you win a bet, you receive the...
the chance of winning a bet is 50%. If you win a bet,
you receive the same amount that you put in. you plan on betting in
a "double-down" loss scheme of $5/$10/$20/$40/$80/$160 for each
consequtive loss. This equates to a total of $315. If you were to
win a bet, the following bet will be $5. for example, if you lose 3
times on a row and win one the fourth, you would bet $5/$10/$20
/$40 and then the...
If you bet $1 on a specific number on roulette and win you receive $36. What...
If you bet $1 on a specific number on roulette and win you
receive $36. What is the expected value of this bet? Which is the
better bet, betting on “odds” or betting on a specific number?
Agamecost$10toplay. Adieisrolled. Ifa6appearsyouwin$20.
Ifa4or5appears you win $13. If a 3 appears you win $10. Otherwise
you win $0. What is the expected value of the game?
A homeowner pays $155 to insure her $150000 house against alien
death rays. The insurance company estimates...
Determine the odds for and against the event E if P(E)=6
Determine the odds for and against the event E if P(E)=6
Question 1: In the casino game Roulette, a bet on “red” will win if the ball...
Question 1: In the casino game Roulette, a bet on “red”
will win if the ball lands on one of the 18 red numbers of the 38
numbers on the wheel, with each number being equally likely. You
want to run a simulation that will estimate the probability of a
player winning both bets when betting on red twice. Which of the
following would be an appropriate setup for the
simulation:
I. Use a table of random digits to select...
You paid $100 dollars to participate in a bet. If you win you will get $200...
You paid $100 dollars to participate in a bet. If you win you
will get $200 back. If you lose, you will get nothing. If the odds
are 50-50, what is the mean and standard deviation of this bet
(investment)?
A) 100% and 100% B) 0 % and 50% C) 100% and 50 % D) 0 % and 0
%
Find the odds for and the odds against the event rolling a fair die and getting...
Find the odds for and the odds against the event rolling
a fair die and getting a 6 or a 2.
a. The odds for the event are __ to __ (Simplify your
answers.)
b. The odds against the event are __ to __ . (Simplify
your answers.)
Calculate the odds of winning the Power Ball $100 prize. In order to win, you must...
Calculate the odds of winning the Power Ball $100 prize. In
order to win, you must match 4 of the 5 winning white balls
numbered 1 to 69, and NOT match the red power ball numbered 1 to
26. Write your final answer as a ratio instead of decimal fraction.
For example, write ¼ instead of 0.25. 1/10 instead of 0.10. Note:
There are 2 separate bags – one with the 69 white balls and another
with the 26 red...
Suppose you play rock paper scissors against a computer: *you gain $1 for each win *you...
Suppose you play rock paper scissors against a computer:
*you gain $1 for each win
*you lose $1 for each lost
if it is a tie, nothing happens
you choose rock 50% of the time and the others 25% of the
time
let x be a random variable that represents the amount of money
you earn after one game.
(a) find the probability distribution of X
(b) what is your average payoff after 20 games?
(c) what is the standard...
If you bet $1 in Kentucky’s Pick 4 lottery, you either lose $1 or gain $4999. (The winning prize is $5000, but your $1 bet is not r
If you bet $1 in Kentucky’s Pick 4 lottery, you either lose $1 or gain $4999. (The winning prize is $5000, but your $1 bet is not returned, so the net gain is $4999.) The game is played by selecting a four-digit number between 0000 and 9999. What is the probability of winning? If you bet $1 on 1234, what is the expected value of your gain or loss?
If someone playing Poker against you had a Full House, what are the odds you could...
If someone playing Poker against you had a Full House, what are
the odds you could win against them? (We’ll assume that their cards
are ‘still in the deck’ when it comes to calculating your own
odds)
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