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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 1 and if you win, your profit is $30. If you lose, you lose $1. 36' that you win is Part: 0/2 Part 1 of 2 (a) What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is dollars.

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 1 and if you win, your profit is $30. If you lose, you lose $1. 36' that you win is Part: 0/2 Part 1 of 2 (a) What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is dollars.

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
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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### Craps: Understanding Expected Value in Gambling 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: 0 / 2** **Part 1 of 2** **(a) What is the expected value of your profit? Round the answer to two decimal places.** The expected value of profit is \( \_\_\_ \) dollars. --- #### Instructions: 1. Calculate the probability of each outcome. 2. Determine the profit or loss for each outcome. 3. Multiply the probability of each outcome by the corresponding profit or loss. 4. Sum these values to find the expected value. For additional help, hover over the terms or click on the question mark icons sprinkled throughout the problem section. --- **Controls:** - **Skip Part**: Opt to skip the current part of the problem. - **Check**: Verify your answer for correctness. - **Save For Later**: Store your progress and return to it at a later time. - **Submit Assignment**: Finalize your responses and submit the assignment for grading. --- _Page footer info:_ © 2023 McGraw Hill LLC. All Rights Reserved. - **Privacy Center** - **Terms of Use** - **Accessibility**
Transcribed Image Text:### Craps: Understanding Expected Value in Gambling 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: 0 / 2** **Part 1 of 2** **(a) What is the expected value of your profit? Round the answer to two decimal places.** The expected value of profit is \( \_\_\_ \) dollars. --- #### Instructions: 1. Calculate the probability of each outcome. 2. Determine the profit or loss for each outcome. 3. Multiply the probability of each outcome by the corresponding profit or loss. 4. Sum these values to find the expected value. For additional help, hover over the terms or click on the question mark icons sprinkled throughout the problem section. --- **Controls:** - **Skip Part**: Opt to skip the current part of the problem. - **Check**: Verify your answer for correctness. - **Save For Later**: Store your progress and return to it at a later time. - **Submit Assignment**: Finalize your responses and submit the assignment for grading. --- _Page footer info:_ © 2023 McGraw Hill LLC. All Rights Reserved. - **Privacy Center** - **Terms of Use** - **Accessibility**
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