Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

8. (6pts) You are playing a game at a casino and you are betting on the number 4. The following is a probability distribution for

image text in transcribed
8. (6pts) You are playing a game at a casino and you are betting on the number \"4\". The following is a probability distribution for your profit for one roll of the dice when betting on H4\". 25.00 c. Calculate the expected profit for your bet. (Give 4 dec. places) a. Considering this is a valid probability distribution, fill in the missing probability value in the table. b. How much money are you betting on the number "4\"? d. if a wealthy person decides to place this "4\" bet 20 times, what is their expected profit? e. Explain why betting on "4\" in this game is NOT a "fair game." \"3 . (3pts) For the following situation, explain why it is NOTappropriate to use a binomial distribution for the variable X. Be specific. An experiment is conducted where S M&M's are drawn at random, without replacement, from a bag that contains 16 red and 37 green M&M's. Let X represent the number of red M&M's selected

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Mathematics questions