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Expected Value

Use the table above to determine P(X is greater than or equal to 2). Determine the expected value of X.

PROBLEM 2

Two fair dice are tossed. You bet $5 that you will roll "an even sum". If you roll "an even sum" you win $10. Otherwise you lose the $5 bet. What is the expected return on this game?

PROBLEM 3

Two fair dice are tossed. You bet $1 that you will roll "doubles". If you roll "doubles" you win $60. Otherwise you lose the $1 bet. What is the expected return on this game?

PROBLEM 4

A probability distribution has an expected value (mean) of 54 and a standard deviation of 0.7. Use Chebyshev's inequality to find the minimum probability that an outcome is between 40 and 68.

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Solution Summary

PROBLEM 1

Random variable X 0 1 2 3
P (X=x) .125 .375 .250 .250

Use the table above to determine P(X is greater than or equal to 2). Determine the expected value of X.

PROBLEM 2

Two fair dice are tossed. You bet $5 that you will roll "an even sum". If you roll "an even sum" you win $10. Otherwise you lose the $5 bet. What is the expected return on this game?

PROBLEM 3

Two fair dice are tossed. You bet $1 that you will roll "doubles". If you roll "doubles" you win $60. Otherwise you lose the $1 bet. What is the expected return on this game?

PROBLEM 4

A probability distribution has an expected value (mean) of 54 and a standard deviation of 0.7. Use Chebyshev's inequality to find the minimum probability that an outcome is between 40 and 68.

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