MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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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.)
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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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