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You are on a TV show. You have been asked to either play a dice game five times or accept a $50 bill. The dice game works like this. If you roll a 1, 2 or 3, you win $49. If you roll a 4 or 5, you lose $24. If you roll a 6, you lose $87. Should you play the game? Use expected values and decision theory to justify your answer. (Round the answer to the nearest cent.) O Yes Ο No EV = $ 2

You are on a TV show. You have been asked to either play a dice game five times or accept a $50 bill. The dice game works like this. If you roll a 1, 2 or 3, you win $49. If you roll a 4 or 5, you lose $24. If you roll a 6, you lose $87. Should you play the game? Use expected values and decision theory to justify your answer. (Round the answer to the nearest cent.) O Yes Ο No EV = $ 2

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section: Chapter Questions
Problem 7MCQ
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You are on a TV show. You have been asked to either play a dice game five times or accept a $50 bill. The dice game works like this. If you roll a 1, 2 or 3, you win $49. If you roll a 4 or 5, you lose $24. If you roll a 6, you lose $87. Should you play the game? Use expected values and decision theory to justify your answer. (Round the answer to the nearest cent.) Yes O No EV = $ 2 X
Transcribed Image Text:You are on a TV show. You have been asked to either play a dice game five times or accept a $50 bill. The dice game works like this. If you roll a 1, 2 or 3, you win $49. If you roll a 4 or 5, you lose $24. If you roll a 6, you lose $87. Should you play the game? Use expected values and decision theory to justify your answer. (Round the answer to the nearest cent.) Yes O No EV = $ 2 X
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