Question
1.Suppose I roll two six-sided dice and offer to pay you $10 times the sum of the numbers showing. (e.g., if I roll a 4
1.Suppose I roll two six-sided dice and offer to pay you $10 times the sum of the numbers showing. (e.g., if I roll a 4 and a 5, I will pay you $10 * (5+4) = $90). The probability chart for each roll is given:
Roll 2 Probability 0.027778Roll 3 Probability 0.055556Roll 4 Probability 0.083333 Roll 5 Probability 0.111111Roll 6 Probability 0.138889
Roll 7 Probability 0.166667 Roll 8 Probability 0.138889Roll 9 Probability 0.111111Roll 10 Probability 0.083333 Roll 11 Probability 0.055556
Roll 12 Probability 0.027778
A)What is the expected payoff to you?
B)What is the variance of the payoff to you?
C)What is the standard deviation of the payoff to you?
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