Determine the fair price to play the game.

Assignment Help Basic Statistics

Reference no: EM13746829

1. Mr. Doodle's grade distribution over the past 3 years for a course in college algebra is shown in the chart below.

Grade   Number
A    45
B          180
C          110
D          95
F           65
I            5

If Jane plans to take a college algebra course with Mr. Doodle, determine the empirical probability that she receives at least a B.

2. The theoretical probability of undesirable side effects resulting from taking Grebex is 2 in 13. If 260 people take Grebex to lower their blood pressure, how many will encounter undesirable side effects?

0.5
0.25
0.33
1.5
0.67

3. One card is selected at random from a deck of cards. Determine the probability that the card is a red 10.

1/12
1/26
2/13
3/13
1/13

4. The odds against Lounging Larry winning the horse race are 5:8. Determine the probability that Lounging Larry wins the horse race.

5/8
8/13
5/13
8/5
13/5

5. In a multiple-choice test, each question has five options. Students will get 3 points for each correct answer; lose 1 point for each incorrect answer; and receive no points for unanswered questions. A student does not know the correct answer for one question. Is it to her advantage or disadvantage to guess an answer? Show your calculations for expected value. Show your work for full credit.

6. One thousand raffle tickets are sold for $1.00 each. One grand prize of $200 and two consolation prizes of $50 each will be awarded. Jeremy purchases one ticket. Find his expected value. Show your work for full credit.

7. A person spins the pointer and is awarded the amount indicated by the pointer. It costs $6 to play the game. Determine:

• The expectation of a person who plays the game.

• The fair price to play the game.

Reference no: EM13746829

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