Question

In a game of “Chuck a luck” a player bets on one of the numbers 1 to 6. Three dice are then rolled and if the number bet by the player appears i times (where i equals to 1, 2 or 3) the player then wins i units. On the other hand if the number bet by the player does not appear on any of the dice the player loses 1 unit. If x is the players’ winnings in the game, what is the expected value of X? a) Let x denote the players’ winnings in the game. Find the probability distribution of x and draw a graph of the probability distribution. ( b) What is the probability that the player will win at least 2 units? ( c) What is the expected value and the standard deviation of X? ( d) In light of the results you obtained above, will you play this game? Explain your answer.

Answer 1