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?
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
Related questions
Question
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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