7. Fernando is trying to decide which of 2 roulette games to play at a casino, where eachroulette has 30 slots. Each game, Fernando wants to bet on a single slot. In the firstroulette game Fernando has to invest $5 to play, if he wins he gets his investment backplus $1000, if he loses, he loses his investment. In the second roulette game, he invest$1 to play, if he wins he gets his investment back plus $200 and if he loses, he loses hisinvestment. Calculate the expected value of the net gain for each roulette game and assumethat Fernando will go with the game that gives him the higher value.

Question 07)There are 2 roulette games. The total number of possible slots is 30.The number of…

Answered: 7. Fernando is trying to decide which…

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter12: Probability

Section12.CR: Chapter 12 Review

Problem 92CR

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Billy and Joe are buddies that think they can outsmart the casino by splitting each other’s profits. They decided to play a game by the name of Baccarat. They both have $1200 and their goal is to leave once they double their money. In Baccarat, the Banker's or Player’s hand will win 45% of the time. Ties win 10% of the time. The goal in baccarat is to have the hand you’re betting on, either the player or the banker, be the best hand of the two dealt. The winning hand is the one with a score where the final digit is the closest to nine. Face cards are worth zero, and aces count as one. There are 8 decks in a shoe. Billy and Joe came up with a betting strategy/sequence and assigned “teams”. Billy will ALWAYS bet on “Player” whereas Joe will always bet on “Banker”. The sequence goes as follows: Billy: 12113 Joe: 21221Billy: $100, $200, $100, $100, $300 = $900Joe: $200, $100, $200, $200, $100 = $900The remaining $300 that Billy and Joe have will go towards taking turns on betting $5 on the…
Jane draws a marble from a box containing 5 red marbles, 3 green marbles, and4 blue marbles. She receives $2 for a red marble and $3 for a green marble that she draws.If she draws a blue marble, she loses $4. Is the game fair? How many dollars should Janepay for a draw in a fair game?
At the Step Right Up carnival, a game is played where three coins are tossed: a quarter, a dime, and a nickel. The game costs $2 to play. If the three coins all come up heads, you win $5. If at least 30 cents come up heads, you win $2. Otherwise, you lose. Is this a fair game?
In this game, two chips are placed in a cup. One chip has two red sides and one chip has a red and a blue side. The player shakes the cup and dumps out the chips. The player wins if both chips land red side up and loses if one chip lands red side up and one chip lands blue side up. The cost to play is $4 and the prize is worth $6. Is this a fair game.
you are playing a game in which a single die is rolled. if a 2 or a 5 comes up, you win $24, otherwise you lose $3. what is the price that you should pay to play game that would make the game fair?
A man went to Atlantic City with $2000 and placed 100 bets of $20 each, one after another, on the same number on the roulette wheel. There are 38 numbers on the wheel, and the gaming casino pays 35 times the amount bet if the ball drops into the bettor’s numbered slot in the roulette wheel. In addition, the bettor receives back the original $20 bet. Estimate how much money the man is expected to win or lose in Atlantic City.
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Suppose that you and a friend are playing cards and decide to make a bet. If you draw three twos in succession from a standard deck of 52 cards without replacement, you win $100. Otherwise, you pay your friend $10. If the same bet was made 25 times, how much would you expect to win or lose?
Jimmy had no luck at all in the last two times around the game board. First, he had to pay ½ of his money in rent to somebody. He then had to pay $25 because of a “Chance” card. After that, he landed on another property where he had to pay 3/5 of his remaining money in rent. Fortunately, on his next turn he passed “Go” and collected $200. However, he landed on a property that whacked him for ½ of his money. Next he got a “Chance” card that landed him in jail. After he paid $50 to get out, the poor guy had only $70 cash left – no property, no nothing. How much did he have at the beginning of this narrative? use the working backward strategy
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Suppose you play a game where you roll 2 six-sided dice. If you roll a 7, you will lose some money, but if you roll anything else you will win 100. How much money would you have to lose in order for you average 0 per roll?
XYZ company has designed a new lottery scratch-off game. The player is instructed to scratch off one spot: A, B, or C. A can reveal "loser," "win $1," or "win $50." B can reveal "loser" or "take a second chance." C can reveal "loser," or "win $500." On the second chance, the player is instructed to scratch off D or E. D can reveal "loser" or "win $1." E can reveal "loser" or "win $10." The probabilities at A are 0.9, 0.09, and 0.01 respectively. The probabilities at B are 0.8 and 0.2. The probabilities at Care 0.999 and 0.001. The probabilities at D are 0.95 and 0.05. The probabilities at E are 0.5 and 0.5. Calculate the expected value of the game and provide recommendations to a decision-maker

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