Expected value and standard deviation of prospective winning

Reference no: EM131419685

New game

You pay $10 and roll a die. If you get a 6, you win $50. If not, you get to roll again. If you get a 6 this time, you get your $10 back.

a) Create a probability model for this game.

b) Find the expected value and standard deviation of your prospective winnings.

c) You play this game five times. Find the expected value and standard deviation of your average winnings.

d) 100 people play this game. What's the probability the person running the game makes a profit?

Reference no: EM131419685

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