You pay $10 and roll a die. If you get a 6, you win $50. If not,
Question:
a) Create a probability model for this game.
b) Find the expected value and standard deviation of your prospective winnings.
c) You play this game five times. Find the expected value and standard deviation of your average winnings.
d) 100 people play this game. What's the probability the person running the game makes a profit?
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Related Book For
Stats Data And Models
ISBN: 662
4th Edition
Authors: Richard D. De Veaux, Paul D. Velleman, David E. Bock
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