Question
Assume you are playing the game defined where you win when the sum on two dice is equal to 7 or 11. Let Wi be
Assume you are playing the game defined where you win when the sum on two dice is equal to 7 or 11. Let Wi be defined as 1 if you win on the X time you play and 0 if you lose on the X time you play.
Suppose you are about to play this game 100 times but there are stakes involved. Specifically, suppose that it costs you $1.50 for each toss of the dice and that you win $9 each time you roll a 7 or 11. Let M denote the random variable that captures how much money you will have won/lost after the 100 tosses. What is the expected value of M? What is the standard deviation of M?
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