Your friend Phil, asks you what you think about a new scratch-off lottery game. It costs $10 to play this game, There are two outcomes for the game (win, lose) and the probability that a player wins a game is 60%. A win results in $15, for a net win of $5 ($15 minus the $10 paid to play). The probability distribution for xx (the amount of money a player wins or loses) in a single game is as follows:_______.
1-Net Money Won or Lost Px) - Probability Win + $ $ 5 0.60 Lose - $ 10 0.40 Using the information in the table, complete the following 1. Interpret the table. There is a 60% • chance of winning $5 and a 40% • chance of losing $10 • 2. What is the expected value of x? E(X) = -1 3. What is the standard deviation? o = 7.35 (Round to then nearest hundredth). This question is based on the information from the previous question. 1. If Phil plays the game 1 time, how likely is he to win money? There is a _ % chance that Phil will win if he plays 1 time. 2. Phil thinks if he plays the game many, many times, he is likely to make money because the percent of winning sounds good to him. Is he right? Why or why not? A B I I % $ 3 = UX2 x S # - © © E = C A # * <> X 1. 1 Point: If Phil plays the game 1 time, how likely is he to win money? There is a % chance that Phil will win if he plays 1 time. 2.2 Points: Phil thinks if he plays the game many, many times, he is likely to make money money because the percent of winning sounds good to him. Is he right?