Problem 2 (20 points). Suppose that at FIU Homecoming this Professor\". You have

Question

Problem 2 (20 points). Suppose that at FIU Homecoming this Professor". You have three chances to throw a ball and hit a lever pool and get wet. You can dunk your professor a maximum of three times. Fun year, there is an event called "Dunk your so that your professor will fall into the Suppose that your probability of hitting the lever is 0.3. Your friend offers you a bet of $5 that you cannot dunk your professor. You win $5 if you dunk your professor at least once a $5 if you do not dunk your professor at all. Is this a profitable bet? a) nd lose

Explanation / Answer

P(dunking) = 0.3 , P(not dunking ) = 0.7

P(not dunking in 3 chances) = 0.7*0.7*0.7 = 0.343

P(Dunking profrssor atleast once ) = 1-P(not dunking in 3 chances) = 1-0.343= 0.657

Its a profitable bet as the probablity of Dunking profrssor atleast once > probablity of not dunking in 3 chances

B)

$X*0.657 = 5*0.343

X= $2.61

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