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Would you please assist with the questions below? Thanks! Craps: In the game of craps, a pair of dice are rolled, and people bet on
Would you please assist with the questions below? Thanks!
Craps: In the game of craps, a pair of dice are rolled, and people bet on the outcome. For example, you can bet $1 that the dice will total 12. The probability that you win is 36 , and if you win, your profit is $30. If you lose, you lose $1. Part 1 of 2 (a) What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is -0.14 dollars. Part: 1 / 2 Part 2 of 2 (b) Is it an expected gain or an expected loss? Round the answer to two decimal places. This is an expected loss of $ 0.14Step by Step Solution
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