Can someone help me out plz?
1 answer:
2. There are 14 rollercoasters at the amusement park. There are 2 rollercoasters made of steel, 6 of them are made of steel and have loops, 4 of them have loops but aren't made of steel and there are 2 rollercoasters with no loops and aren't made of steel.
4. 60% of rollercoasters with loops are made of steel. 40% of rollercoaster with loops are not made of steel. 50% of rollercoasters made of steel have no loops and 50% of rollercoasters not made of steel don't have loops.
6. 75% of rollercoasters are made of steel either have loops or no loops.
25% of rollercoasters not made of steel either have loops or no loops.
This was quite a lot to do, I'm pretty sure the relative frequency graph number 3 had me a bit confused.
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since that is the terminal point, then
Answer:
- Expected Value= -$7
- Bill should not play the game
Step-by-step explanation:
In the game, these are the payout:
- 30% of the time you will lose 20 dollars.
- 20% of the time you lose 40 dollars.
- 10% of the time you win 50 dollars
- 40% of the time you win 5 dollars.
To compute the expected value, take note that a loss is negative while a win is positive.
Therefore:
E(X)=(-20*0.3)+(-40*0.2)+(50*0.1)+(5*0.4)
E(X)=-7
- The expected value of the event is -$7.
- Based on the negative expectation, Bill should not play this game as he is expected to incur a loss.