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Please provide clear explanation and show your steps. Thank you! 4. Fair Game (10 points) Consider the following game, defined by a parameter k: Roll

Please provide clear explanation and show your steps. Thank you!

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4. Fair Game (10 points) Consider the following game, defined by a parameter k: Roll 3 fair, 6-sided die three times independently. If you roll a six I no times, then you lose 1 dollar. - exactly once. you win 1 dollar. - exactly twice. then you win 2 dollars. - all three times. then you win I: dollars For what value of k is this game fair? (The game is fair if your expected payoff is 0.)

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