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5. As a fundraiser you decide to invent a carnival game!! For the game a person pays 85 and rolls a pair of dice, and adds them together to get the total. The table below shows the payout fo number rolled. (This does not include the $5 you need to pay to play.) 2 3 6 I Roll Payout Net Gain/Loss a) Make the probability distribution function for rolling a pair of dice and finding the sum of the d 5 10 20 8 6 7 8 9 40 20 10 4 5 10 8 11 6 9 10 11 12 Net Gain/Los P(1) b) Find the expected value of this game. Explain what the expected value means in terms of this g c) The way the game is designed, would this be a good fundraiser? Be sure to explain why.

5. As a fundraiser you decide to invent a carnival game!! For the game a person pays 85 and rolls a pair of dice, and adds them together to get the total. The table below shows the payout fo number rolled. (This does not include the $5 you need to pay to play.) 2 3 6 I Roll Payout Net Gain/Loss a) Make the probability distribution function for rolling a pair of dice and finding the sum of the d 5 10 20 8 6 7 8 9 40 20 10 4 5 10 8 11 6 9 10 11 12 Net Gain/Los P(1) b) Find the expected value of this game. Explain what the expected value means in terms of this g c) The way the game is designed, would this be a good fundraiser? Be sure to explain why.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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5. As a fundraiser you decide to invent a carnival game!! For the game a person pays $5 and then rolls a pair of dice, and adds them together to get the total. The table below shows the payout for each number rolled. (This does not include the $5 you need to pay to play.) 2 1 Roll Payout Net Gain/Loss a) Make the probability distribution function for rolling a pair of dice and finding the sum of the dice. 7 8 9 10 11 12 3 6 I 4 8 2 4 6 20 10 7 40 8 9 10 10 8 11 6 12 c) The way the game is designed, would this be a good fundraiser? Be sure to explain why. 1 Net Gain/Loss P(1) b) Find the expected value of this game. Explain what the expected value means in terms of this game. d) Suppose we wanted to play this game for fun, and weren't interested in making money off the game. What would we need to charge to play if we wanted to break-even? (To break-even means we want the expected value to equal 0.)
Transcribed Image Text:5. As a fundraiser you decide to invent a carnival game!! For the game a person pays $5 and then rolls a pair of dice, and adds them together to get the total. The table below shows the payout for each number rolled. (This does not include the $5 you need to pay to play.) 2 1 Roll Payout Net Gain/Loss a) Make the probability distribution function for rolling a pair of dice and finding the sum of the dice. 7 8 9 10 11 12 3 6 I 4 8 2 4 6 20 10 7 40 8 9 10 10 8 11 6 12 c) The way the game is designed, would this be a good fundraiser? Be sure to explain why. 1 Net Gain/Loss P(1) b) Find the expected value of this game. Explain what the expected value means in terms of this game. d) Suppose we wanted to play this game for fun, and weren't interested in making money off the game. What would we need to charge to play if we wanted to break-even? (To break-even means we want the expected value to equal 0.)
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