6 The game of 'Chuck-a-Luck’ is played as follows. Three fair dice are rolled. You, as the bettor, place a $1 bet on the occurrence of one of the integers 1, 2, 3, 4, 5 or 6. Suppose you bet on the occurrence of a 5. If at least one 5 occurs on the three dice, you win back your stake of $1 and in addition $1 for each 5 that occurs, unless all three die show a 5, when you win $5 along with your stake. If no 5s occur then you lose your stake of $1. (The same rules apply to any of the 6 numbers.) Let V be the net amount you win in one play of this game (loss = negative gain). (a) Find the probability function of V. (b) Calculate E(V), and state whether the game is fair.

A First Course in Probability (10th Edition)
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Chapter1: Combinatorial Analysis
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Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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6 The game of 'Chuck-a-Luck' is played as follows. Three fair dice are rolled. You, as the
bettor, place a $1 bet on the occurrence of one of the integers 1, 2, 3, 4, 5 or 6. Suppose you
bet on the occurrence of a 5. If at least one 5 occurs on the three dice, you win back
of $1 and in addition $1 for each 5 that occurs, unless all three die show a 5, when you win $5
along with your stake. If no 5s occur then you lose your stake of $1. (The same rules apply
to any of the 6 numbers.) Let V be the net amount you win in one play of this game (loss
negative gain).
your
stake
(a) Find the probability function of V.
(b) Calculate E(V), and state whether the game is fair.
Transcribed Image Text:6 The game of 'Chuck-a-Luck' is played as follows. Three fair dice are rolled. You, as the bettor, place a $1 bet on the occurrence of one of the integers 1, 2, 3, 4, 5 or 6. Suppose you bet on the occurrence of a 5. If at least one 5 occurs on the three dice, you win back of $1 and in addition $1 for each 5 that occurs, unless all three die show a 5, when you win $5 along with your stake. If no 5s occur then you lose your stake of $1. (The same rules apply to any of the 6 numbers.) Let V be the net amount you win in one play of this game (loss negative gain). your stake (a) Find the probability function of V. (b) Calculate E(V), and state whether the game is fair.
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