Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Statistics and Probability Expert

Three balls are randomly chosen without replacement from an urn containing 4 red, 3 white, and 3 blue balls. suppose that we win $2 for each white ball selected and lose $1 for each red selected. You win no money if a blue ball is selected. Let X denote the amount of money you have after the game.

a) Write out the pmf of X. Show how you determined this.

b) What is the probability that you lose money?

c) What is the probability that you break even (i.e. you have $0) at the end of the game?

d) Given that you won some money, what is the probability that you won at least $4?

e) What is the expected amount of money you have at the end of the game?

f) If you had to pay $1 to even start the game, would this be a good investment? Explain why or why not.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M91006573

Have any Question?


Related Questions in Statistics and Probability

Aprobability experiment consists of rolling a 6-sided die

A probability experiment consists of rolling a 6-sided die. What is the probability of rolling a number less than 6.

During this course you have compiled a marketing plan for

During this course, you have compiled a marketing plan for your fictional start-up company. Share the most important part of the marketing plan, and include an explanation of your company and product/service, situation a ...

If we are interested in job satisfactionname a variable

If we are interested in job satisfaction. Name a variable that correlates with job satisfaction but we do not have causation. Name a variable that you believe may have a casual relationship with job satisfaction. Name a ...

A book company sells 10 000 books a month each book has a

A book company sells 10, 000 books a month, each book has a 1/500 chance of being returned. Us the Poisson approximation to find the probability that the number of books returned in a month will be at most 3.

During the winter of 2008-2009 the average utility bill for

During the winter of? 2008-2009, the average utility bill for residents of a certain state was ?$173 per month. A random sample of 30 customers was selected during the winter of? 2009-2010, and the average bill was found ...

Your company doesnt face any taxes and has 760 million in

Your company doesn't face any taxes and has $760 million in assets, currently financed entirely with equity. Equity is worth $51.00 per share, and book value of equity is equal to market value of equity. Also, let's assu ...

You buy 200 shares of stock at 500 per share you receive

You buy 200 shares of stock at $5.00 per share. You receive one dividend of 20 cents per share. You sell the stock two years later for $6.00 a share. Fee for selling the stock online is $15.

1 a team of researchers have developed a new weight loss

1. A team of researchers have developed a new weight loss drug. They want to know if patients who use the new drug for two weeks lose any weight. The drug has some minor side effects including mild headaches and achiness ...

If a fair coin is tossed five times what is the probability

If a fair coin is tossed five times, what is the probability of tossing exactly three heads?

A firm evaluates all of its projects by applying the irr

A firm evaluates all of its projects by applying the IRR rule. Year Cash Flow 0 -$ 153,000 1 78,000 2 67,000 3 49,000 What is the project's IRR? If the required return is 11 percent, should the firm accept the project? Y ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As