What is 4.66666666667 as a fraction
1 answer:
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Answer:
infinity
Step-by-step explanation:
a) the expected value of this gamble in dollars is Infinity
i.e
expected value =
=
b)
When offered, most people say they would pay only less than $10 to play this game.
What are two reasons why people are willing to pay so much less than the expected value?
These people are ready to pay less than $10 to play this game due to the fact that people usually overlook the unlikely event when making decisions. In a bid to that logic, they gamble in order to double their amount of money and the probability that heads may never come is ignored by these people and they may hope for a likely event i.e a head every time they play the game.
Also, the expected value is so humongous that if and only if that the first head appears after a long series of tails which is very less certain to occur, because mostly people would think that on an average the length of a series of tails ( or heads) is somewhat near 10 or so, but definitely infinity.
1) We have that there are (52,3) ways to pick 3 cards out of 52 cards. Also, there are (4,3) ways to pick 3 kings out of the 4 total available kings in the deck. In essence, we need to have one of those ways to be the selected 3 cards. Hence, the probability is the ration (4,3)/(52,3). Computing this:
P=
The probability is very low but not negligible.
2) The Pascal triangle defines a recursive relationship. Hence, we would need to calculate all the binomial coefficients up to 51. Thus, it is not at all practical to use the Pascal Triangle to calculate the ways. It is easier to do the direct computation.
P=
The probability is very low but not negligible.
2) The Pascal triangle defines a recursive relationship. Hence, we would need to calculate all the binomial coefficients up to 51. Thus, it is not at all practical to use the Pascal Triangle to calculate the ways. It is easier to do the direct computation.