I need help on this.
1 answer:
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Answer:
infinity
Step-by-step explanation:
a) the expected value of this gamble in dollars is Infinity
i.e
expected value =
=
b)
When offered, most people say they would pay only less than $10 to play this game.
What are two reasons why people are willing to pay so much less than the expected value?
These people are ready to pay less than $10 to play this game due to the fact that people usually overlook the unlikely event when making decisions. In a bid to that logic, they gamble in order to double their amount of money and the probability that heads may never come is ignored by these people and they may hope for a likely event i.e a head every time they play the game.
Also, the expected value is so humongous that if and only if that the first head appears after a long series of tails which is very less certain to occur, because mostly people would think that on an average the length of a series of tails ( or heads) is somewhat near 10 or so, but definitely infinity.
Answer:
His savings were of $4,200.
Step-by-step explanation:
Mr. Hughes gave 5/14 of his savings to his son, 2/3 of the remainder to his daughter, and the rest to his wife:
This means that the son and daughter amount is:
As is the remained that his son did not get. So
Fraction his wife got:
If his wife got $900, what were his savings?
Total savings are x, wife got of x. So
His savings were of $4,200.