Reference no: EM132412614

The image below represents a collection of numbered, colored cubes that have been placed in one of four colored bins. Imagine these props will be used in games of chance, like what you would see at a casino night fund raiser.

To play, a contestant chooses a single cube from one of the bins. You will create the rules that determine whether they win or lose.

Define rules for four different games. The rules for each game must specify what bin the contestant can choose from and how they win. They may select only ONE CUBE per game,not multiple cubes.

For example, contestants may select a cube fromthe blue bin, and they win if the cube is blue. Or the contestant can pick one cube from any one of the bins and wins if the cube is a "3."

Calculate the probability of two of your games.The cubes are selected at random.

Using these two games, calculate the expected value of the fund raiser (i.e. the house's, not the player's, take) given the following assumptions:

Do these payouts seem appropriate for your games given the probabilities for winning? How might you adjust the payout levels to either increase the fund raiser's expected value or encourage more people to play?