New game You pay $10 and roll a die. If you get a six, you win $50.
Question:
New game You pay $10 and roll a die. If you get a six, you win $50. If not, you get to roll again. If you get a six this time, you get your $10 back.
a) Create a probability model for this game.
b) Find the expected value and standard deviation of your prospective winnings.
c) You play this game five times. Find the expected value and standard deviation of your average winnings.
d) 100 people play this game. What is the probability that the person running the game makes a profit?
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Related Book For
Stats Data And Models
ISBN: 9780134301051
3rd Canadian Edition
Authors: Richard De Veaux, Paul Velleman, David Bock, Augustin Vukov, Augustine Wong
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