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You are about to make an investment which gives you a 30% chance of making $60,000 and 70% chance of losing $ 30,000. Should you invest? Explain.
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In a town, 40% of the men and 30% of the women are overweight. If the town has 46% men and 54% women, what percent of the people are overweight?
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A game involves rolling a Korean die (4 faces). If a one, two, or three shows, the player receives the face value of the die in dollars, but if a four shows, the player is obligated to pay $4. What is the expected value of the game?
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A game involves rolling a single die. One receives the face value of the die in dollars. How much should one be willing to pay to roll the die to make the game fair?
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In a European country, 20% of the families have three children, 40% have two children, 30% have one child, and 10% have no children. On average, how many children are there to a family?
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A game involves drawing a single card from a standard deck. One receives 60 cents for an ace, 30 cents for a king, and 5 cents for a red card that is neither an ace nor a king. If the cost of each draw is 10 cents, should one play? Explain.
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Hillview Church plans to raise money by raffling a television worth $500. A total of 3000 tickets are sold at $1 each. Find the expected value of the winnings for a person who buys a ticket in the raffle.
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During her four years at college, Niki received A's in 30% of her courses, B's in 60% of her courses, and C's in the remaining 10%. If A = 4, B = 3, and C = 2, find her grade point average.
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Attendance at a Stanford football game depends upon which team Stanford is playing against. If the game is against U. C. Berkeley,attendance will be 70,000; if it is against another California team, it will be 40,000; and if it is against an out of state team, it will be 30,000. If the probability of playing against U. C. Berkeley is 10%, against a California team 50% and against an out of state team 40%, how many fans are expected to attend a game?
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A Texas oil drilling company has determined that it costs $25,000 to sink a test well. If oil is hit, the revenue for the company will be $500,000. If natural gas is found, the revenue will be $150,000. If the probability of hitting oil is 3% and of hitting gas is 6%, find the expected value of sinking a test well.
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A $1 lottery ticket offers a grand prize of $10,000; 10 runner-up prizes each pay $1000; 100 third-place prizes each pay $100; and 1,000 fourth-place prizes each pay $10. Find the expected value of entering this contest if 1 million tickets are sold.
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Assume that for the next heavyweight fight the odds of current champion winning are 15 to 2. A gambler bets $10 that the current champion will lose. If current champion loses, how much can the gambler hope to receive?
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In a housing development, 35% of households have no school age children, 20% of households have 1 school age child, 25% of households have 2 school age children, 15% have 3, and 5% have 4 school age children.
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Find the average number of children per household
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If there are 300 homes in this housing development, what is the total number of children expected to attend school?
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At a large community college, 30% of students take one course, 15% take two courses, 25% take three courses and 20% take four courses. The rest of the students take five courses.
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What percent of students take 5 courses?
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Find the average number of courses that students take.
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