probability

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Afrah

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1. While playing deck of cards, you bet a $10 for king and you have 1/38 probability of winning $350 and 37/38 probability of losing $10. If you bet $10 that the outcome is a club the probability of winning $10 is 18/38, and the probability of losing $10 is 20/38.

(a) Define a discrete random variable.

(b) If that person bet $10 on for a king, what is your expected value?

(c) Is the bet on number a king probability distribution? Why?

(d) If you bet $10 that the outcome is a club, what is your expected value?

(e) Is the bet on the outcome is and odd number a probability distribution? Why?

(f) Which of these options is best: bet on a king, bet on a club, or don't bet? Why?
 
Afrah said:
1. While playing deck of cards, you bet a $10 for king and you have 1/38 probability of winning $350 and 37/38 probability of losing $10. If you bet $10 that the outcome is a club the probability of winning $10 is 18/38, and the probability of losing $10 is 20/38.

(a) Define a discrete random variable.

(b) If that person bet $10 on for a king, what is your expected value?

(c) Is the bet on number a king probability distribution? Why?

(d) If you bet $10 that the outcome is a club, what is your expected value?

(e) Is the bet on the outcome is and odd number a probability distribution? Why?

(f) Which of these options is best: bet on a king, bet on a club, or don't bet? Why?
Click to expand...
What have you tried? How far have you gotten? On which part did you get stuck?

When you reply, please include a clear listing of your efforts so far. Thank you! ;)
 
afrah said:
1. While playing deck of cards, you bet a $10 for king and you have 1/38 probability of winning $350 and 37/38 probability of losing $10. If you bet $10 that the outcome is a club the probability of winning $10 is 18/38, and the probability of losing $10 is 20/38.

(a) define a discrete random variable.

(b) if that person bet $10 on for a king, what is your expected value?

(c) is the bet on number a king probability distribution? Why?

(d) if you bet $10 that the outcome is a club, what is your expected value?

(e) is the bet on the outcome is and odd number a probability distribution? Why?

(f) which of these options is best: Bet on a king, bet on a club, or don't bet? Why?
Click to expand...


b) (1/38*350)+(37/38*(-10))?
 
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