Explain briefly how you obtain the probabilities associated with the different amounts of winning

How much would you be willing to pay to play this game?

 

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1.A Betting Game

You roll a die. If an odd number comes up, you lose. If you get a 6, you win $60. If it is an even number other than 6, you get to roll again. If you get a 6 the second time, you win $36. If not, you lose.

a)Construct a probability model for the amount you win at this game. Explain briefly how you obtain the probabilities associated with the different amounts of winning.

 

b)How much would you be willing to pay to play this game?

 

2.Chris Again!

A true-false test consists of 10 items.

a)If Chris does not study at all and guesses each and every item in the test, describe the probability model for the number of correct guesses.

 

b)What is the probability that Chris gets 80% or more for the test?

 

c)If it is a 20 item true-false test, would you think it is easier or more difficult for Chris to get 80% or more? Explain without performing any further calculation.

 

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