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 at this game.
b) Find the expected amount you'll win.
c) How much would you be willing to pay to play this game?