Question: A game involves rolling a fair die three times. You earn $1,000 each time you get even dots (i.e., 2, 4 or 6) and lose

A game involves rolling a fair die three times. You earn $1,000 each time you get even dots (i.e., 2, 4 or 6) and lose $500 each time you get odd dots (i.e., 1, 3 or 5). Let x be a discrete random variable representing your total earning after the three rolls.

(a) Fill in the appropriate space in the table provided on Excel Worksheet named 'P#3A' and then calculate the expected total earnings for the game.

(b) Let's assume each game costs you $500. Would you be willing to pay $500 (in advance) to play the game? Explain why or why not.

A game involves rolling a fair die three times. You earn $1,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!