The die. Find the standard deviation of the amount you might win rolling a die in Exercise 4.

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
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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The die. Find the standard deviation of the amount
you might win rolling a die in Exercise 4.
4. You bet! You roll a die. If it comes up a 6, you win $100.
If not, you get to roll again. If you get a 6 the second time,
you win $50. If not, you lose.
a) Create a probability model for the amount you win.
b) Find the expected amount you'll win.
c) What would you be willing to pay to play this game?
Transcribed Image Text:The die. Find the standard deviation of the amount you might win rolling a die in Exercise 4. 4. You bet! You roll a die. If it comes up a 6, you win $100. If not, you get to roll again. If you get a 6 the second time, you win $50. If not, you lose. a) Create a probability model for the amount you win. b) Find the expected amount you'll win. c) What would you be willing to pay to play this game?
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