Solve SECOND PROBLEM A gambling book recommends a roulette -winning strategy: Be

Question

Solve SECOND PROBLEM

A gambling book recommends a roulette -winning strategy: Bet 1 dollar on red, if red (18/38) occurs then take dollar 1 profit and quit. If does not (20/38) then make dollar 2 bet on red and then quit. P(X>0) ? E(X) ? There is .3 probability that a used car salesman will sell a car next time. This car is equally likely to cost dollar 4,000 or dollar 6,000. Let X is the amount the customer spends. The Probability distribution of X? E(X)?, Var(X)?, SD(X)? A weighted coin that comes up heads with probability .60 is flipped n times. Find the probability that the total number of heads exceeds the total number tails when n=1 n=5 n= 19

Explanation / Answer

probabilty distribution of X is as follows:

P(4000<X<6000) =0.3 (X is uniformly distributed b/w 4000 & 5000)

P(X=0) =0.7

from above E(X) =1500

and var(X) =7500000-15002=5250000

and SD(X) =(5250000)1/2 =2291.288

x P(X) xP(X) x^2P(x) 5000 0.3 1500 7500000 0 0.7 0 0 1 1500 7500000

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