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Create a probability model for the winning amount

Assignment Help Basic Statistics
Reference no: EM131742569

Question: 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: EM131742569

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