Question

I need help with filling in the boxes and I also need help with part B, C,D

Answer 1

Paying $6 (Getting -$6) means that you managed to roll a 1 or 2.

This probability is given as:

`P=\frac{\text{expected outcome}}{\text{sample space}}`

Therefore, probability of rolling a 1 or 2:

`P(1or2)=(2)/(6)=(1)/(3)=0.333`

Getting $4 means that you managed to roll a 3, 4 or 5. This probability is:

`P(3\text{ or 4 or 5)=}\frac{\text{3}}{6}=(1)/(2)=0.5`

Our new table is therefore:

b. The expected Profit = -6(0.3333) + 4(0.5) + 9(0.1667) = $1.50

c. If you play many games, you will likely win on average, close to $1.50

d. Since the expected value is positive, you are likely to come back with a positive value if you played many games.