Roll six sixes to win a Mercedes! is the announcement at a fair. You have to roll
Question:
‘Roll six sixes to win a Mercedes!’ is the announcement at a fair. You have to roll six dice. If you get six sixes you win the car, valued at £20 000. The entry ticket costs £1. What is your expected gain or loss on this game? The organisers of the fair have to take out insurance against the car being won. This costs £250 for the day. Does this seem a fair premium? If not, why not?
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The expected gain or loss on this game can be calculated using the formula Probability of winning x ...View the full answer
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Related Book For 
Statistics For Economics Accounting And Business Studies
ISBN: 978027368308
4th Edition
Authors: Michael Barrow
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