Question
Lets say you go to a Casino and you play the following game. You role a six-sided dice. If you see a number less than
Lets say you go to a Casino and you play the following game. You role a six-sided dice. If you see a number less than or equal to 2, you will win $90. If you see a 3, you will earn $60. For all other numbers, you will earn only $30. Create an Excel file and answer the following questions:
1- In sheet 1, answer to the following questions theoretically, meaning you dont have to do any simulation.
a. What is the probability that you see a number less than or equal to 2?
b. What is the probability that you see a 3?
c. What is the probability that you see 4 or 5 or 6?
d. How much do you expect to win in this game if you play the game 100 times?
e. Calculate the standard deviation of your earning in this game after 100 games.
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