Question
ELEVEN PEOPLE HAVE ELEVEN DIFFERENT FAVORITE NUMBERS FROM 2 TO 12. THEY ALL AGREE TO PARTICIPATE IN A 10,000-ROLL DICE GAME WHERE THEY BET $1
ELEVEN PEOPLE HAVE ELEVEN DIFFERENT FAVORITE NUMBERS FROM 2 TO 12. THEY ALL AGREE TO PARTICIPATE IN A 10,000-ROLL DICE GAME WHERE THEY BET $1 ON THEIR FAVORITE NUMBER FOR EACH ROLL OF TWO STANDARD (FAIR) DICE. A DONOR KICKS IN AN EXTRA DOLLAR EVERY ROUND, SO THE PAYOFF IF YOUR NUMBER COMES UP IS $12.00.
A. ASSUMING EVERYONE BETS ON ALL 10,000 ROUNDS, WHAT IS THE EXPECTED VALUE FOR A PERSON WHO HAS NUMBER 7? SHOW WORK
B. ASSUMING EVERYONE BETS ON ALL 10,000 ROUNDS, WHAT IS THE EXPECTED VALUE FOR A PERSON WHO HAS NUMBER 2?
I have previously ask this question, but I'm still confused.
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