A die is weighted so that the probability of getting a 6 is 0.3, of getting a
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A die is weighted so that the probability of getting a 6 is 0.3, of getting a 1 is 0.1, and of getting 2, 3, 4 or 5 is 0.15 each. You bet on 6, receiving odds of 5 to 1 (fair odds for an unbiased die). What is your expected profit? What is your standard deviation of profit? What is the formula for the expected return as a function of the fraction of your wealth that you bet? What fraction maximizes this expected return?
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The expected profit can be calculated by multiplying the probability of winning getting a 6 by the p...View the full answer
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