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2. Katie bets $1 on a 2-digit number. She wins $75 is she draws her number...

2. Katie bets $1 on a 2-digit number. She wins $75 is she draws her number from the set of all 2-digit numbers, {00,01,02,...,99}; otherwise, she loses her $1.

(a) [5 pts] What is the probability that Katie wins? If she wins, what is the payoff ?

(b) [5 pts] What is the probability that Katie loses? If she loses, what amount is the loss?

(c) [6 pts] How do you use the information in parts a and b to find the expected value for this game? (d) [4 pts] Is this game fair, favorable, or unfavorable to Katie? Explain your answer based on the expected value you found in part c.

Math   Statistics-And-Probability   
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