Create a probability model for amount you win at game

Reference no: EM131417892

The die. Find the standard deviation of the amount you might win rolling a die in Exercise.

Exercise :
You bet! 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 at this game.

b) Find the expected amount you'll win.

c) How much would you be willing to pay to play this game?

Reference no: EM131417892

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