Concept explainers
a. How many different selections are possible?
b. What is the probability of winning?
c. If you win, what is your net profit?
d. Find the expected value for a $1 bet.
e. If you bet $1 on the pass line in the casino dice game of craps, the expected value is −1.4ȼ. Which bet is better in the sense of producing a higher expected value: a $1 bet in the Ohio Pick 4 lottery or a $1 bet on the pass line in craps?
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Essentials of Statistics Plus MyLab Statistics with Pearson eText -- Access Card Package (6th Edition) (What's New in Statistics)
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