Game consists of: • It costs $2 for the player to enter • Each round, the player announces a single number: {1, 2, 3, 4,...

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Question

Game consists of: • It costs $2 for the player to enter • Each round, the player announces a single number: {1, 2, 3, 4,...

Game consists of:

• It costs $2 for the player to enter

• Each round, the player announces a single number: {1, 2, 3, 4, 5, 6}

• Two fair six-sided dices are rolled

• For each die that shows the number announced, the player wins $1.

For example, the player pays $2 to enter the game and announces the number 2. If the outcome of the roll is 3, 2, 2, then the player gets back $2.

However, if the outcome is 4, 5, 6 then the player gets $0 back

Find the expectation value and standard deviation of this game and determine if this is a fair game to be playing.

math Statistics-And-Probability

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Answer 1

Answer #1

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Answer 2

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