At Quark’s casino, there is a game called “High Five”, where you paid $1 to roll...

Question

Question

At Quark’s casino, there is a game called “High Five”, where you paid $1 to roll a

fair die once. If a 5 shows up, you get back $5, nothing otherwise.

(a) Let X be the amount of money you WIN by playing this game. Fill in the details in the table below.

(b) Calculate E(X), the expected amount of money you win by playing this game.

(c) Is the outcome of this game favorable to you or to Quark’s casino?

(d) Calculate Var(X).

Answer 1

Answer #1

a) PMF is given in following table # Probability or P(x) -1 5 5/60.833333 41 1/6 0.166667 Total 6 P(x) b) xP(x) 0.833333 x P(

Answer 2

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