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How much would you be willing to pay to play this game

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Reference no: EM132364190

Question

You roll a die. if an odd number comes up, you lose. if you get a 6, you win$60. if it is an even number other than 6, you get to roll again. if you get a 6 the second time, you win $36. if not, you lose

a) Construct a probability model for the amount you win at this game. explain briefly how you obtain the probabilities associated with the different amounts of winning.

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

Reference no: EM132364190

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