Question
Oliver and Charles play three games of chess against each other. Charles loves to compete and promises Oliver a certain amount of money based on
Oliver and Charles play three games of chess against each other. Charles loves to compete and promises Oliver a certain amount of money based on how many games Oliver wins against him. The table below shows the number of these three chess games that Oliver could win, the amount of money that Charles will give Oliver based on how many games Oliver wins, and the probability that Oliver will earn each corresponding monetary amount. Note that you must Do ALL parts of this question to receive any marks but carried forward errors will be given partial marks. a. Do the missing value in the following table. Do NOT round your answer!
Games Won | Money Earned (in dollars) | Probability |
0 | 4 | 0.31 |
1 | 10 | |
2 | 21 | 0.1 |
3 | 31 | 0.37 |
b. What is the expected number of games Oliver will win? Answer: Do NOT round your answer and do not enter a dollar sign ($) in your answer! c. What is the standard deviation of the amount of money that Oliver will get from Charles? Answer: $ Round to at least FIVE decimals if necessary and do not enter a dollar sign ($) in your answer! d. Oliver decides to share his winnings with his other friend, Darla. Oliver promises Darla 15% of the money he wins plus an extra $8. What is the standard deviation of the expected amount of money Oliver will give Darla? Answer: $ Round to at least FIVE decimals if necessary and do not enter a dollar sign ($) in your answer!
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