In the game of craps, two dice are rolled, and people bet on the outcome. For example,

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In the game of craps, two dice are rolled, and people bet on the outcome. For example, you can bet $1 that the dice will total 7.

The probability that you win is 1∕6, and if you win, your profit is $4. If you lose, you lose $1. What is the expected value of your profit? Is it an expected gain or an expected loss?

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Elementary Statistics

ISBN: 9781259969454

3rd Edition

Authors: William Navidi, Barry Monk

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Question Posted: Sep 19, 2024 05:01 PM

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In the game of craps, two dice are rolled, and people bet on the outcome. For example,

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Elementary Statistics

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