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(a) Over the long term, what is your expected profit of playing the game?

(a) Over the long term, what is your expected profit of playing the game?

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter9: Counting And Probability
Section9.4: Expected Value
Problem 1E: If a game gives payoffs of $10 and $100 with probabilities 0.9 and 0.1, respectively, then the...
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3. Suppose you play a game of chance in which you roll two fair dice. You pay $2 to enter the game. You win $10 if you get all two dice with an even number of dots on the top face. Otherwise, you win nothing. (In case, you don't get your $2 back). (a) Over the long term, what is your expected profit of playing the game? (b) If you play this game 100 times, how much do you expect to win/lose?
Transcribed Image Text:3. Suppose you play a game of chance in which you roll two fair dice. You pay $2 to enter the game. You win $10 if you get all two dice with an even number of dots on the top face. Otherwise, you win nothing. (In case, you don't get your $2 back). (a) Over the long term, what is your expected profit of playing the game? (b) If you play this game 100 times, how much do you expect to win/lose?
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