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yuradex [85]
3 years ago
10

Here’s my dilemma, I can accept a $1000 bill or play a game ten times. For each roll of the single die, I win $500 for rolling 1

or 2, I win $400 for rolling 3; and I lose $300 for rolling 4,5,or 6. Based on the expected value, I should accept the $1000 bill.
Mathematics
1 answer:
Aloiza [94]3 years ago
5 0

Answer:

you should accept the $1,000 bill

Step-by-step explanation:

Given the information:

  • $500 for rolling 1 or 2
  • $400 for rolling 3
  • lose $300 for rolling 4,5,6

P (rolling 1 or 2) = 1/6 + 1/6 = 2/6 = 1/3

P (rolling a 3) = 1/6

P (rolling 4 or 5 or 6) = 3/6 = 1/2

Hence, the expected value for 1 time is:

E = (1/3)*500 + (1/6)*400 - (1/2)*300

E = $166 + $66 - $150

E = $82

Expected value is linear so if you roll the die 10 times, expected value is: 10*82 = $820

The expected value is $82, meaning you should accept the $1,000 bill

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<h3><u>Distributions</u></h3>

Given that Sylvia invested a total of $27,000, and she invested part of the money in a certificate of deposit (CD) that earns 3% simple interest per year, she invested in a stock that returns the equivalent of 7% simple interest, and she invested in a bond fund that returns 2%, and she invested three times as much in the stock as she did in the CD, and earned a total of $1140 at the end of 1 yr, to determine how much principal did she put in each investment, the following calculation must be made:

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Learn more about distribution in brainly.com/question/10250387

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