You roll a die. If it comes up a 2 or 5, you win $300. If...

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You roll a die. If it comes up a 2 or 5, you win $300. If not, you get to roll again. If you get a 2 or 5 the second time, you win $30. If not, you lose. a) Create a probability model for the amount you win. b) Find the expected amount you'll win. c) What should you be willing to pay to play this game? a) Amount won $0 $30 $300 P(Amount won) 16. (Type integers or simplified fractions.) b) The expected amount you'll win is $106.67 (Round to two decimal places as needed.) c) What should you be willing to pay to play this game? O A. Exactly the expected value, because the probability of profiting decreases for larger wagers and the payout decreases for smaller wagers. B. No more than half of the expected value, because this gives a 50% chance of profiting. O C. No more than the expected value, because this is the average payout of the game. O D. As much as possible, because the game has good odds and the payout is proportional to the wager. You roll a die. If it comes up a 2 or 5, you win $300. If not, you get to roll again. If you get a 2 or 5 the second time, you win $30. If not, you lose. a) Create a probability model for the amount you win. b) Find the expected amount you'll win. c) What should you be willing to pay to play this game? a) Amount won $0 $30 $300 P(Amount won) 16. (Type integers or simplified fractions.) b) The expected amount you'll win is $106.67 (Round to two decimal places as needed.) c) What should you be willing to pay to play this game? O A. Exactly the expected value, because the probability of profiting decreases for larger wagers and the payout decreases for smaller wagers. B. No more than half of the expected value, because this gives a 50% chance of profiting. O C. No more than the expected value, because this is the average payout of the game. O D. As much as possible, because the game has good odds and the payout is proportional to the wager.

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Answer Answer A A probability model could be a mathematical illustration of a random development its ... View the full answer