You roll a die. If it comes up a 2 or 3​, you win ​$200. If​ not, you get to roll again. If you get a 2 or 3 the second​ time, you win ​$40. If​ not, you lose.   ​a) Create a probability model for the amount you win. ​b) Find the expected amount​ you'll win. ​c) What should you be willing to pay to play this​ game?

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section: Chapter Questions
Problem 75RE
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You roll a die. If it comes up
a 2 or 3​,
you win
​$200.
If​ not, you get to roll again. If you get
a 2 or 3
the second​ time, you win
​$40.
If​ not, you lose.
 
​a) Create a probability model for the amount you win.
​b) Find the expected amount​ you'll win.
​c) What should you be willing to pay to play this​ game?
 
 
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