Create a probability model for the amount you win at this, Basic Statistics

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Create a probability model for the amount you win at this

You bet! You roll a die. If it comes up a 6, you win $100. If not, you get to roll again. If you get a 6 the second time, you win $50. If not, you lose.

a) Create a probability model for the amount you win at this game.

b) Find the expected amount you'll win.

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

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Basic Statistics: Create a probability model for the amount you win at this

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Basic Statistics: Create a probability model for the amount you win at this

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