A game involves rolling a fair die three times. You earn $1,000 each time you get even
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Question:
A game involves rolling a fair die three times. You earn $1,000 each time you get even dots (i.e., 2, 4 or 6) and lose $500 each time you get odd dots (i.e., 1, 3 or 5). Let x be a discrete random variable representing your total earning after the three rolls.
(a) Fill in the appropriate space in the table provided on Excel Worksheet named 'P#3A' and then calculate the expected total earnings for the game.
(b) Let's assume each game costs you $500. Would you be willing to pay $500 (in advance) to play the game? Explain why or why not.
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