Question 347578: could you please help me with my probability assignment. I am having troubles answering the questions.
6. In a certain game with a pair of dice, if you throw an even number you win $1, if you throw a 9 you win $2, otherwise you lose $1.50.
a.) Determine the probability table for this game.
b.) Find the average profit.
c.) Is this a fair game?
7.
a.) write down the sample space associated with rolling two ordinary six-sided dice.
b.) suppose we take the (absolute) difference between the numbers showing when the two dice are rolled. Write down the possible differences, together with their relevant probabilities.
c.) Determine the expected value, variance and standard deviation of the difference between the dice.
d.) Write down the 95% confidence interval for this experiment.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! 6. In a certain game with a pair of dice, if you throw an even number you win $1, if you throw a 9 you win $2, otherwise you lose $1.50.
---
a.) Determine the probability table for this game.
even::::18/36 = 1/2
9:::::::4/36 = 1/9
other:::14/36 = 7/18
---------------------------------
b.) Find the average profit.
E(x) = (18/36)$1 + (4/36)$2 + (14/36)(-$1.50)
= (18+8-21)/36
= (5/36)
= $0.1389
c.) Is this a fair game?
It's close. The player can expect to win 14 cents
each time he plays. The profit is -14 cents.
=====================================================
Cheers,
Stan H.
|
|
|
