Find the mean of the foLLowing probabiLity distribution? Round your answer to one decimal. n II- mean = A company estimates that 0.2% of their products will fail after the original warranty period but within 2 years of the purchase, with a replacement cost of $300. If they offer a 2-year extended warranty for $16, what is the company's expected value of each warranty sold? Round your answer to the nearest cent. Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $14. If you roll a 4 or 5, you win 54. Otherwise, you pay $6. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table b. Find the expected profit. 5 {Round to the nearest cent) c. Interpret the expected value. {3' If you play many games you will likely win on average very close to $0.67 per game. {7' This is the most likely amount of money you will win. {'3' You will win this much if you play a game. d. Based on the expected value, should you play this game? '73 Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. '73 Yes, because you can win $14.00 which is greater than the $6.00 that you can lose. '73 No, since the expected value is negative, you would be very likely to come home with less money if you played many games. '73 Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost. '73 No, this is a gambling game and it is always a bad idea to gamble. The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 700 tickets. There is one $1,000 grand prize) three S400 second prizes, and twelve $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent