Scratch file designed by Linda Fahlberg-Stojanovska.

Original Problem:
Pick a number from {1-6}. Roll 3 dice. If your number comes up on all three dice you win $3, if it come up on 2 on of the three dice you win $2 while if it comes up on just one of the three dice you win $1. However, if your number does not show you lose $1.

a. Find the probability distributions of your winnings on a single game.

b. Simulate the game 30 times and display the empirical distribution of outcomes. What is your average gain or loss over the 30 games?

c. What is a likely range of values for your net loss or gain over the 30 games?

d.If this game is played in a casino with 10,000 bets per week, what is the casinos likely net gain or loss? Give points and interval estimate.

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Page last modified on October 27, 2008, at 03:17 PM