Homework Help is Here – Start Your Trial Now!
Math
Statistics
"Three dice are rolled in a wire cage. You place a bet on any number from 1 to 6. If any one of the three dice comes up with your number, you win the amount of your bet. (You also get your original stake back.) If more than one die comes up with your number, you win the amount of your bet for each match. For example, if you had a $1 bet on number 5, and each of the three dice came up with 5, you would win $3 a What is the probability that the gambler wins the game? b. Who has the long-run advantage in the game: the house or the gambler? By how much on the dollar? C. How would you change the amount of the winnings in every round of Chuck-a-Luck to make the game fair? Say that doubles pay $a per $1 bet rather than $2 and triples pay $b per $1 bet instead of $3. What is the condition on a and b?

"Three dice are rolled in a wire cage. You place a bet on any number from 1 to 6. If any one of the three dice comes up with your number, you win the amount of your bet. (You also get your original stake back.) If more than one die comes up with your number, you win the amount of your bet for each match. For example, if you had a $1 bet on number 5, and each of the three dice came up with 5, you would win $3 a What is the probability that the gambler wins the game? b. Who has the long-run advantage in the game: the house or the gambler? By how much on the dollar? C. How would you change the amount of the winnings in every round of Chuck-a-Luck to make the game fair? Say that doubles pay $a per $1 bet rather than $2 and triples pay $b per $1 bet instead of $3. What is the condition on a and b?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question

I need correct answers not copied from other websites

"Three dice are rolled in a wire cage. You place a bet on any number from 1 to 6. If any one of the three dice comes up with your number, you win the amount of your bet. (You also get your original stake back.) If more than one die comes up with your number, you win the amount of your bet for each match. For example, if you had a $1 bet on number 5, and each of the three dice came up with 5, you would win $3 a What is the probability that the gambler wins the game? b. Who has the long-run advantage in the game: the house or the gambler? By how much on the dollar? c. How would you change the amount of the winnings in every round of Chuck-a-Luck to make the game fair? Say that doubles pay Sa per $1 bet rather than $2 and triples pay $b per $1 bet instead of $3. What is the condition on a and b?
Transcribed Image Text:"Three dice are rolled in a wire cage. You place a bet on any number from 1 to 6. If any one of the three dice comes up with your number, you win the amount of your bet. (You also get your original stake back.) If more than one die comes up with your number, you win the amount of your bet for each match. For example, if you had a $1 bet on number 5, and each of the three dice came up with 5, you would win $3 a What is the probability that the gambler wins the game? b. Who has the long-run advantage in the game: the house or the gambler? By how much on the dollar? c. How would you change the amount of the winnings in every round of Chuck-a-Luck to make the game fair? Say that doubles pay Sa per $1 bet rather than $2 and triples pay $b per $1 bet instead of $3. What is the condition on a and b?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS