MAT 157 WK 3-1 - MAT 157-CheckPoint Template Student Name:...

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MAT 157-CheckPoint Template Student Name: Week #: 3 Instructions: For each assigned problem type in the page number, problem number, and complete solution, showing all work for each problem (using either MathType or Equation Editor recommended) in order to receive credit. One problem in each row, please. Save as a Word file and post to your Individual Forum as an ATTACHMENT. Page # Prob # Complete Solution 2 The odds in favor of an event A are . The event A is drawing one spade and one heart on a two card draw. P ( A ) = (13/52)(12/51) + (13/52)(12/51) = 13/102. 1 – P ( A ) = 89/102. So the odds are 13/89 . 8 P (at least one head) = 1 – P (no heads) = 1 – 1/8 = 7/8. So odds are (7/8)/(1 – 7/8) = 7 to 1 . 36 EV = (1/3)(40,000) + (l/3)(3) + (1/3)(50) = $13,351 . 38 EV = (1/250)($400) = $1.60. Since this is less than the $2.00 purchase price the game is not fair . 48 To be a fair game the cost to play should equal the expected value. EV = (1/6)1 + (1/6)2 + (1/6)3 + (1/6)4 + (1/6)5 + (1/6) 6 = 3.5. So the cost to play should be $3.50 . 2
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This note was uploaded on 10/24/2010 for the course MAT 157 MAT 157 taught by Professor Kitchens during the Spring '10 term at University of Phoenix.

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MAT 157 WK 3-1 - MAT 157-CheckPoint Template Student Name:...

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