Help with: 3,4,5,7,8,9,10,11,13 Expected Value Problems 1) Cakculating expected

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Help with: 3,4,5,7,8,9,10,11,13 Expected Value Problems 1) Cakculating expected value. You play a gambling game with a frieed in which you roll a die. If a 1 or 2 comes up, you win s. otherwise you lose $2. What is your expected value for this game? Round your answer to the mearest dolla Making a game fair. You play a gambling gine with a friend in which you roll a die. If or2 comes up, you win er outcome in order to 3Fair games L: Esplain why 4Fair games II. I told my friend Bob that I learned in math class that no casino games are fair. Bob said, "That's not offer fair true. My mom works in a casino and I know they don't cheat." What should I say to explain myself to Bob Amount bet. Nevada casinos statewide won $9 56 billion during a recent year. Assume that overall the casinos take in 3.75% of the money wagered. How much money was bet? Round your answer to the nearest billion dollars. o Expected value. Bill and Larry toss two coins. If both coins come up heads, Bill pays Larry $4. Larry pays Bill si otherwise. HT TH on, what is the expected value of bismopar, a-1 :U 25 what ?sthe expected vigeofthis garee.erLam t 35 52 " a? C Bill and Larry play the game 100 times. Who ahead and by how mach? A coin game. Ir a game you bet $1 and toss two coins. If two heads come up. you win a profit of 75 cents. If two come up, no one wins anything. Otherwise, you lose your dollar. What is your expected value for this game? Don't round your answer Card game. A card game goes like this: You draw a card from a 52-card deck. If it is a face card Gack, queen or king), you win $5; otherwise, you lose $2. What is your expected value for this game? Exam score L. Each question on a multiple-choice exam has four choices. One of the choices is the correct answer, worth 5 points, another choice is wrong but still carries partial credit of 1 point, and the other two choices are worth 0 points. If a student picks answers at random, what is the expected value of his or her score for a problem? If the exam has 30 questions, what is his or her expected score? IL Each question on a multiple-choice exam has five choices. One of the choices is the correct points. There are two other choices that are wrong but still carry partial credit of 2 points each. The other two choices are worth 0 points. If a student picks answers at score for a problem? If the exam has 40 questions, what is his or her expected score? Betting on 11. In a dice game, you win if the two dice come up 11. Otherwise, you lose $1.What should be the proft for winning to make this game fair? 2Betting on red. Suppose you bet SI on red at the roulette wheel. There are 18 red numbers and 20 nonred numbers (including the green 0 and 00). You win SI if a red number comes up,and you lose $1 if any other number comes up, What is your ed value for this w comes up is odd (or even) (Remember that 0 and 00 do whatever you bet, and if you 3Even or odd. In rouletté, you'may bet whether the not count as either odd or even.) The wager pays even money, that is, if you w lose, you lose that same amount. What is your expected value for this bet?

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3) Casino is a business and hence its there to make money not charity. Hence, the probability of
loosing money is higher than getting money at casino level i.e even if somebody wins, at an overall level the reward money and the expected probability are stacked against the player. Hence, the net expected value of a casino is skewed to casino' favor and hence, Casino can't offer fair games

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