Question: Suppose you are invited to play a game. A ticket is picked from a box with 10 tickets numbered from one to ten. If you get a 2, 5, 7, you win three dollars. If you get anything else, you lose one dollar.

1. Describe the box model for this game.
2. How much do you expect to win/lose in 100 games? Find the standard error.
3. What is the probability that you win at least $10?
4. A fair game is one in which, on average, players neither win nor lose. Change the win-lose dollar amounts in the above game so that it is fair. There are many possible answers. You cannot change the winning numbers 2, 5, 7.

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Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document