Mathematics, 24.10.2021 20:40 sierranowe2003
Let's look back at our bet on either "Aces" or "Boxcars". We win if we roll a sum of 2 for Aces" or
a sum of 12 for "Boxcars". Let's place a $10 bet on "Boxcars" 36 as cores
a) What is the probability of winning?
P(W) =
b) What is the probability of losing?
c) The payoff odds are 30:1. What does this mean?
d) Complete the following table. In the X column write in the dollar amount you will win
or lose respectively.
Event
Ñ…
P(X)
X. P(X)
Win
Lose
e) What is the expected value? Is this a loss or a gain?
f) Explain what this value means.
g) How much do you lose for each dollar bet? Would it be wise to spend the entire
afternoon betting on "Boxcars"?
Answers: 2
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Let's look back at our bet on either "Aces" or "Boxcars". We win if we roll a sum of 2 for Aces" or...
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