You roll a die. If it comes up a 2 or 3, you win $200. If not, you get to roll again. If you get a 2 or 3 the second time, you win $40. If not, you lose. a) Create a probability model for the amount you win. b) Find the expected amount you'll win. c) What should you be willing to pay to play this game?

You roll a die. If it comes up a 2 or 3, you win $200. If not, you get to roll again. If you get a 2 or 3 the second time, you win $40. If not, you lose. a) Create a probability model for the amount you win. b) Find the expected amount you'll win. c) What should you be willing to pay to play this game?

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

You roll a die. If it comes up

a 2 or 3,

you win

$200.

If not, you get to roll again. If you get

a 2 or 3

the second time, you win

$40.

If not, you lose.

a) Create a probability model for the amount you win.

b) Find the expected amount you'll win.

c) What should you be willing to pay to play this game?

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