Answer:
See explanation
Step-by-step explanation:
<h3 /><h3>Step 1</h3>
Miguel wins $2 is if he pulls two chips with the number 1.
<u>Probability of winning is:
</u>
- 2/4 * 1/3 = 1/6 as there are 4 chips in total
<u>
Probability of loosing is:</u>
<h3 /><h3>Step 2</h3>
<u>Missing values we found in the step 1, can be populated in the table:</u>
- Xi === 2 === -1
- P(Xi) === 1/6 === 5/6
<u>Expected Value as per table data:</u>
Expected value is $1/2 loss each time he plays
<h3 /><h3>Step 3</h3>
To make the game fair, the expected value should be zero.
<u>Then as per the calculation above, let's replace 2, with x, and find its value.</u>
- 1/6x + 5/6*(-1) = 0
- 1/6x = 5/6
- x= 5
So the amount should be $5 to make the game fair.
75/6.98=10.744
We would most likely round this down to 10 even though the .7 because if we round up we would go over the budget.
So he can buy about 10 CDs
It would be something that looks like this:
((6390 * 0.17)/365) x 3
1.15(300).
Substitute k for 300, since the plane is flying 300 knots per hour, and k=knots per hour.
1.15(300)=345 miles per hour
After multiplying, 300 by 1.15, you get 345 miles per hour. This is the speed of the plane from Knots to MPH (Miles Per Hour).
