Complete the following probability distribution table: Probability Distribution Table X -13 11 27 69 P(X) 0.3 0.2 0.3 Suppose...

Transcribed Image Text:

Complete the following probability distribution table: Probability Distribution Table X -13 11 27 69 P(X) 0.3 0.2 0.3 Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $14. If you roll a 2, 3, 4 or 5, you win $2. Otherwise, you pay $8. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ c. Interpret the expected value.. (Round to the nearest cent). This is the most likely amount of money you will win. O If you play many games you will likely win on average very close to $2.33 per game. You will win this much if you play a game. d. Based on the expected value, should you play this game? O No, this is a gambling game and it is always a bad idea to gamble. O Yes, because you can win $14.00 which is greater than the $8.00 that you can lose. O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O No, since the expected value is negative, you would be very likely to come home with less money if you played many games. O Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost.

Answer rating: 100% (QA)

a To complete the Probability Distribution Table for X profit we need to calculate the probability o View the full answer