financial mathematics ... probability help (1 Viewer)

[chooky_girl26]

I need some help financial maths and some probability questions.... not all the questions... only a few... could someone please help me

 

[Trev]

Yeah, sure. Just post your questions and someone will answer them, if i'm still on I will. (I can do probability, but not too sure about financial maths unless it is based upon the work we cover because I don't do general maths).

 

[GooseD]

Yeah, if your not on ill give it a try. Just Post'em up bud

this is an old thread... this person must have figured it out

 

[Scanorama]

Come back if you have any problems, I hated these two topics too.

 

[chooky_girl26]

ok errrm it's confusing the hell outta me. some questions are easy to do. i can't do the following questions... not all financial prob tho.
1. Two dice are rolled. The score in each roll is the total of the two dice. In 90 rolls of the dice, calculate the expected numer of:
a. Twos
b. sevens
c. tens
d. doubles
e. totals greater than 8.



2. A roulette wheel is spun. Carly bets $1 on number 25. If 25 is the number spun, Carly will win $35 and have her $1 returned. if not she will lost $1. calc the financial expectation from this game.


3. Jason plays a game where he rolls two dice. If he spins a total greater than 9, he wins $5 otherwise he loses $1. Calc the financial expectation of this game



thanks u

 

[abdullah_legend]

Oh yeah. dats a hard one. dun worry 2 much bout probability my bro said dat it hardley comes up eva in da hsc. like only a few questions each hsc. u can still pass if u dont answer them - he did. good luck wif it but bro!

 

[Trev]

ok errrm it's confusing the hell outta me. some questions are easy to do. i can't do the following questions... not all financial prob tho.
1. Two dice are rolled. The score in each roll is the total of the two dice. In 90 rolls of the dice, calculate the expected numer of:
a. Twos
b. sevens
c. tens
d. doubles
e. totals greater than 8.

Draw up a table, like the following:
1 2 3 4 5 6
------------------------------
1 | 2 3 4 5 6 7
2 | 3 4 5 6 7 8
3 | 4 5 6 7 8 9
4 | 5 6 7 8 9 10
5 | 6 7 8 9 10 11
6 | 7 8 9 10 11 12
Therefore, in one roll there is 1 chance of rolling a sum of 2, which is a chance of 1/36. But in 90 rolls, the expected number of 2's is 90*1/36 = 2.5
Do this for each one and you should be right.

 

[PC]

3. Jason plays a game where he rolls two dice. If he spins a total greater than 9, he wins $5 otherwise he loses $1. Calc the financial expectation of this game.

Use the table in the previous post to work out probabilities. The multiply the probability by the prize and add them to work out the financial expectation.

P(>9) = 6/36 = 1/6
P(<=9) = 30/36 = 5/6

Expectation = (1/6 x 5.00) + (5/6 x -1.00) = 0

This represents a fair game.