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You roll a die. If it comes up a 6, you win $100. If not, you get to roll again.

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You roll a die. If it comes up a 6, you win $100. If not, you get to roll again. If you get a 6 the second time, you win $50. If not, you lose.
a) Create a probability model for the amount you win.
b) Find the expected amount you'll win.
c) What would you be willing to pay to play this game?

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a b E amount won c In the long run the expected payoff of this game …View the full answer


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Related Book For  answer-question
Stats Data and Models

Stats Data and Models

ISBN: 978-0321986498

4th edition

Authors: Richard D. De Veaux, Paul D. Velleman, David E. Bock

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Question Posted: January 20, 2016 05:55:59
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