Question
A dice game is played where a player bets money and rolls.two dice. If the dice are doubles (a 1 and a 1 or a
A dice game is played where a player bets money and rolls.two dice. If the dice are doubles (a 1 and a 1 or a 2 and a 2, etc.) then the player receives three times her bet back; if she bet $l then she would take back $3 (should would win $2). If the dice are not doubles, then the player receives double her bet if the dice total 3, 4, 10 or 11. If the dice are not doubles and totals, 61 7, 8, or 9, then the player loses her bet. a. (Tl - 3 marks) What is the expected gain/loss of money per dollar bet? b. (Tl -1 mark) How much money do you expect to gain/lose if you play the game 20 times and bet $1 each time? c. (COMM - 2 marks) If you play the game once and bet $1, do you expect to gain/lose the amount you answered in la? Explain your answer. d. (APP - 1 mark) If you play the game twice and bet $1 each time, what is the probability that you take back $4 (win $2)? e. (APP - 2 marks) If you play the game twice and bet $1 each time, what is the probability that you break even (don't win, don't lose)?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started