Question
Assume that the pond contains 120 fish: 97 green, 22 yellow, and 1 red. A contestant pays $0.60 to randomly catch one fish and receives $0.40 if the fish is green, $0.95 if the fish is yellow, and $11.00 if the fish is red.
How much (on average) does the carnival gain on each play?
How much (on average) does the carnival gain on each play?
Answers
In the long run, it would be equivalent to 120 plays with
120*0.60=72 as revenue and the following payouts:
97 green at 0.95
22 yellow at 0.40
1 red at 11.00
Subtract payouts from revenue and divide by 120 plays to get gain on individual play.
120*0.60=72 as revenue and the following payouts:
97 green at 0.95
22 yellow at 0.40
1 red at 11.00
Subtract payouts from revenue and divide by 120 plays to get gain on individual play.
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