Question: Please answer it with steps! Thanks!!!!!!! 1. Consider a game of chance with the following rules: 0 It costs $1 for the player to enter

Please answer it with steps! Thanks!!!!!!!

Please answer it with steps! Thanks!!!!!!! 1. Consider a game of chance

1. Consider a game of chance with the following rules: 0 It costs $1 for the player to enter the round 0 Each round, the player announces a single number in the set {1, 2, 3,4, 5, 6} o Three fair six-sided dices are rolled o For each die that shows the number announced, the player wins $1. For example, the player pays $1 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 nothing back. Find the expectation value and standard deviation of this game and determine if this is a fair game to be playing

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