Answer:
Expected pay winning $50= $0.585
Expected pay winning $25= $2.36
Expected pay for anything else= $-4.35
Expected returns=3.59
Expected value for one play= $(-1.41)
Do not play this game because you will lose $1.41
Step-by-step explanation:
Probability P(3 hearts) = (13/52)×(12/51)×(11/50) = 0.013
Probability P(3black)= (26/52)×(24/51)×(23/50) = 0.118
Probability P(drawing anything else)= 1 - 0.013 - 0.118= 0.869
Expected pay($50)= 0.013$(50-5)= $ 0.585
Expected pay($25)= 0.118(25-5)$ = $2.36
Expected pay for anything else= 0.869(0-5)$ =$(-4.347)
Expected value of one play=$ (0.585 + 2.353 -4.347) = -$1.41
c) Do not play the game.
Answer:
Step-by-step explanation:
D
Answer:
Interest earned = 2713.8
Explanation:
We will solve this problem on two steps:
1- get the final amount after three years
2- get the interest earned by subtracting the initial amount from the final one.
1- getting the final amount after 3 years:
The formula that we will use is as follows:
A = P (1 + r/n)^(nt)
where:
A is the final amount we want to calculate
P is the initial amount = 6300
r is the interest = 0.12
n is the number of compounds per year =12
t is time in years = 3
Substitute to get the final amount:
A = P (1 + r/n)^(nt)
A = 6300 (1 + 0.12/12) ^ (12*3)
A = 9013.8
2- getting the interest earned:
Interest earned = final amount - initial amount
Interest earned = 9013.8 - 6300
Interest earned = 2713.8
Hope this helps :)
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