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1. You pay $10 to play a game of chance. You will win $80 if you spin a 7, All other outcomes you will make
1. You pay $10 to play a game of chance. You will win $80 if you spin a "7", All other outcomes you will make you lose. Find the expectation of this game. Is it a fair game? Outcomes Profit x P(x) x P(x) 3 2 4 1 5 8 6 7 a) Fill in the table, (3 pts.) b) Find the expectation of the game. (1 pts.) Expectation = c) Is it a fair game? If yes, why? If not, why not? (1 pts.)
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