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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 sum of the dice will be 3 (also 1 called "Ace Deuce"). The probability that you win is and if you win, your profit is $15. If you lose, you lose $1. 18' Part: 0/ 2 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 -0.11 dollars. Part 2 of 2 (b) Is it an expected gain or an expected loss? Round the answer to two decimal places.

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 sum of the dice will be 3 (also 1 called "Ace Deuce"). The probability that you win is and if you win, your profit is $15. If you lose, you lose $1. 18' Part: 0/ 2 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 -0.11 dollars. Part 2 of 2 (b) Is it an expected gain or an expected loss? Round the answer to two decimal places.

Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter14: Counting And Probability
Section14.CR: Chapter Review
Problem 35E
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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 sum of the dice will be 3 (also 1 called "Ace Deuce"). The probability that you win is and if you win, your profit is $15. If you lose, you lose $1. 18 olo Part: 0/ 2 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 -0,11 dollars 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 $
Transcribed Image Text: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 sum of the dice will be 3 (also 1 called "Ace Deuce"). The probability that you win is and if you win, your profit is $15. If you lose, you lose $1. 18 olo Part: 0/ 2 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 -0,11 dollars 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 $
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