Miguel has a bag with 8 balls numbered 1 through 8. He is playing a game of chance. This game is this: Miguel chooses one ball from the bag at random. He wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is selected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. He loses $13 if 7 or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. I| dollars (b) What can Miguel expect in the long run, after playing the game many times? (He replaces the ball in the bag each time.) O Miguel can expect to gain money. He can expect to win dollars per selection. O Miguel can expect to lose money. He can expect to lose dollars per selection. O Miguel can expect to break even (neither gain nor lose money).

Miguel has a bag with 8 balls numbered 1 through 8. He is playing a game of chance. This game is this: Miguel chooses one ball from the bag at random. He wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is selected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. He loses $13 if 7 or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. I| dollars (b) What can Miguel expect in the long run, after playing the game many times? (He replaces the ball in the bag each time.) O Miguel can expect to gain money. He can expect to win dollars per selection. O Miguel can expect to lose money. He can expect to lose dollars per selection. O Miguel can expect to break even (neither gain nor lose money).

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter11: Data Analysis And Probability

Section11.8: Probabilities Of Disjoint And Overlapping Events

Problem 2C

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