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Chuck-a-Luck What is the expected value of the game of
Chapter 5, Problem 5CTC(choose chapter or problem)
Problem 5CTC
Chuck-a-Luck What is the expected value of the game of Chuck-a-Luck if a player bets $1.00 on one number?
Reference:
In the game Chuck-a-Luck, three dice
are rolled. A player bets a certain amount (say $1.00) on
a number from 1 to 6. If the number appears on 1 die,
the person wins $1.00. If it appears on 2 dice, the person
wins $2.00, and if it appears on all 3 dice, the person wins $3.00.
Questions & Answers
QUESTION:
Problem 5CTC
Chuck-a-Luck What is the expected value of the game of Chuck-a-Luck if a player bets $1.00 on one number?
Reference:
In the game Chuck-a-Luck, three dice
are rolled. A player bets a certain amount (say $1.00) on
a number from 1 to 6. If the number appears on 1 die,
the person wins $1.00. If it appears on 2 dice, the person
wins $2.00, and if it appears on all 3 dice, the person wins $3.00.
ANSWER:Solution :
Step 1 of 1:
Our goal is :
We need to find the expected value of the game of Chuck-a-Luck.
From the given reference we know that the probability.
The probability of winning $1.00 is
P(winning $1.00) =
P(winning $1.00) = 0.3472