Question: Typewritten if possible with solution 1. Suppose you play a die rolling game in which a fair 6-sided die is rolled once. If the outcome

Typewritten if possible with solution

Typewritten if possible with solution 1. Suppose you play a die rolling

1. Suppose you play a die rolling game in which a fair 6-sided die is rolled once. If the outcome of the roll (the number of dots on the side facing upward) is at least five, you win $10. If you roll a four, you pay $2. If you roll a three or less, you pay $5. Let X be the profit of the game or the amount of money won or lost per roll. Negative profit corresponds to lost money. a) (1pt) What is your profit if the outcome of the roll is 2? b) (6pt) Fill out the following probability distribution table. Outcome X Probability c) (3pt) Compute the expected value (the mean) of X. d) (2pt) Explain the meaning of the expected value X in the context of the problem. e) (1pt) If you played this game 120 times, how much would you expect to win or lose

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