Discrete_RV_Classwork.doc - Ch15 Discrete Random Variables Class work Name 1 You roll a die If it comes up a 6 you win \$100 If not you get to roll again

# Discrete_RV_Classwork.doc - Ch15 Discrete Random Variables...

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Ch15 Discrete Random Variables Class work Name: ___________________________________ 1. You roll a die. If it comes up a 6, you win \$100. If not, you get to roll again. If you get a 6 on the second time, you win \$50. If not, you lose. a. Create a probability distribution for the amount you win at this game b. Find the expected amount you’ll win c. Find the standard deviation of the amount you might win d. How much would you be willing to pay to play this game? Explain. 2. A couple plans to have children until they have a girl, but they agree that they will not have more than three children even if they are all boys. a. Create a probability distribution for the number of children they’ll have b. Find the expected number of children c. Create a probability distribution for the number of boys they’ll have d. Find the expected number of boys they’ll have
3. A small software company bids on two contracts. It anticipates a profit of \$50,000 if it gets the larger contract and a profit of \$20,000 on the smaller contract. The company estimates there is a 30% chance it will get the larger contract and a 60% chance it will get the smaller