I just need with part b, please ### Probability and Expected Value Analysis in Craps**Craps:** In the game of craps, a pair of dice are rolled, and people bet on the outcome. For example, you can bet $1 that the dice will total 12. The probability that you win is $\frac{1}{36}$, and if you win, your profit is $30. If you lose, you lose $1.#### Part 1 of 2**(a) What is the expected value of your profit?**Round the answer to two decimal places.**Answer:** The expected value of profit is $-0.14$ dollars.---#### Part 2 of 2**(b) Is it an expected gain or an expected loss?**Round the answer to two decimal places.**Answer:** This is an expected **loss** of \$0.14.---#### Additional Information- **Progress Indicator:** - Indicates completion status: Part 1/2- **Options:** - Buttons available for user actions: - Skip Part - Recheck - Save For Later - Submit Assignment- **Graphical/Diagram Elements:** - There is no graph or diagram present in this image.---**Note:** This exercise involves understanding how probabilities and expected values work in bets and gambling scenarios, critical for students learning about probability theory and statistics.

Consider the following table: Probability P(x)xE(x) = x.P(x)$300.83$-1-0.97Total-0.14Expected value…

Answered: (b) Is it an expected gain or an…

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter8: Sequences, Series,and Probability

Section8.7: Probability

Problem 3ECP: You toss two six-sided dice. What is the probability that the total of the two dice is 5?

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Dividing a JackpotA game between two players consists of tossing a coin. Player A gets a point if the coin shows heads, and player B gets a point if it shows tails. The first player to get six points wins an 8,000 jackpot. As it happens, the police raid the place when player A has five points and B has three points. After everyone has calmed down, how should the jackpot be divided between the two players? In other words, what is the probability of A winning and that of B winning if the game were to continue? The French Mathematician Pascal and Fermat corresponded about this problem, and both came to the same correct calculations though by very different reasonings. Their friend Roberval disagreed with both of them. He argued that player A has probability 34 of winning, because the game can end in the four ways H, TH, TTH, TTT and in three of these, A wins. Robervals reasoning was wrong. a Continue the game from the point at which it was interrupted, using either a coin or a modeling program. Perform the experiment 80 or more times, and estimate the probability that player A wins. bCalculate the probability that player A wins. Compare with your estimate from part a.
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Dividing a Jackpot A game between two pIayers consists of tossing coin. Player A gets a point if the coin shows heads, and player B gets a point if it shows tails. The first player to get six points wins an $8000 jackpot. As it happens, the police raid the place when player A has five points and B has three points. After everyone has calmed down, how should the jackpot be divided between the two players? In other words, what is the probability of A winning (and that of B winning) if the game were to continue? The French mathematicians Pascal and Fermat corresponded about this problem, and both came to the same correct conclusion (though by very different reasoning's). Their friend Roberval disagreed with both of them. He argued that player A has probability of Winning, because the game can end in the four ways H, TH, TTH, TTT, and in three of these, A wins. Roberval’s reasoning was wrong. Continue the game from the point at which it was interrupted, using either a coin or a modeling program. Perform this experiment 80 or more times, and estimate the probability that player A wins. Calculate the probability that player A wins. Compare with your estimate from part (a).

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(b) Is it an expected gain or an expected loss? Round the answer to two decimal places. This is an expected loss. of $ X G