In Exercises 25–32, set up the payoff matrix.
Betting When you bet on a racehorse with odds of
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Finite Mathematics
- Find the expected payback for a game in which you bet $6 on any number from 0 to 399. If your number comes up, you get $2000arrow_forwardA player rolls a fair dice and gets "$3 multiplied by the value on the dice" in the case of even outcome and loses "$4 multiplied by the value on the dice" in the case of odd outcome. What's his average payout? Enter the value belowarrow_forwardSuppose you play a coin toss game in which you win $1 if a head appears and lose $1 if a tail appears. In the first 100 coin tosses, heads comes up 35 times and tails comes up 65 times. What percentage of times has heads come up in the first 100 tosses? What is your net gain or loss at this point?arrow_forward
- The is the belief that a string of losses in the past will be compensated by wins in the future. O winning wager O gambler's fallacy O gambler's bet O law of large numbersarrow_forwardConsider two products, A and B, both of which have the same purchase probability.Product A has a population size of 1000 and a 50 percent awareness probability. ProductB has a population size of 10,000 and a 5 percent awareness probability. Which productdo you expect to sell more?a. Product Ab. Product Bc. They are expected to sell the same amount.arrow_forwardSC Español The owner of a chain of mini-markets wants to compare the sales performance of two of her stores, Store 1 and Store 2. Sales can vary considerably depending on the day of the week and the season of the year, so she decides to eliminate such effects by making sure to record each store's sales on the same 8 days, chosen at random. She records the sales (in dollars) for each store on these days, as shown in the table below. Day 1 2 3 4 5 6 7 8 Store 1 878 511 837 835 755 241 713 443 D Store 2 685 412 785 763 480 173 639 287 Difference (Store 1 - Store 2) 193 99 52 72 275 68 74 156 Send data to calculator V Based on these data, can the owner conclude, at the 0.05 level of significance, that the mean daily sales of the two stores differ? Answer this question by performing a hypothesis test regarding μ (which is u with a letter "d" subscript), the population mean daily sales difference between the two stores. Assume that this population of differences (Store 1 minus Store 2) is…arrow_forward
- A magazine subscription service is having a contest in which the prize is 180000. If the company receives 3 million entries, which is the expection of the contest?arrow_forwardIf you were charged $8.00 to play this game, you, as the player, would on average see a [gain or loss] of [.50, .20, .10, 1.20] per spin.arrow_forwardProbability as a game of chance is used to make decisions in the presence of uncertainty. It has several Industrial Applications; State any four of these applications and write briefly on one, highlighting its usefulness or benefits.arrow_forward
- please answer correctly. deals with probability models.arrow_forwardYou are playing a game of dice where it involves rolling three dice and betting on one of the six numbers that are on the dice. The game costs P80 to play. You win P160 if the number you bet appears on only one dice, P180 if on two dice and P320 if on all three. What is your expected profit from the game? Select one: O a.-P10.50 O b. P35.80 C. P23.25 d. P85.00 O e. -P63.25arrow_forwardProbability. Don't understand.arrow_forward
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