Question: The die. Find the standard deviation of the amount you might win rolling a die in Exercise.
Exercise: 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.
b) Find the expected amount you'll win.
c) What would you be willing to pay to play this game?
5. Kids. A couple plans to have children until they get a girl, but they agree that they will not have more than three children even if all are boys. (Assume boys and girls are equally likely.)
a) Create a probability model for the number of children they might have.
b) Find the expected number of children.
c) Find the expected number of boys they'll have.