Imagine you are in charge of raising funds for Project Rhythm Inc, a Jackson Heights, NY based charity. Your plan is to organize a game of chance during the annual Spring barbecue event. Each participant of the the game pays an entry fee to roll a dice and multiply the result by 10–that’s how much they win. For example, if they roll a 5, they win $ If they roll a 2, they win $20. If they roll a 1 they win $10. How much would a participant expect to win in a single turn at this game.That is, calculate the expected value. What should the entry fee be so that, on average, the charity earns $500 for 100 participants?

Imagine you are in charge of raising funds for Project Rhythm Inc, a Jackson Heights, NY based charity. Your plan is to organize a game of chance during the annual Spring barbecue event. Each...

Imagine you are in charge of raising funds for Project Rhythm Inc, a Jackson Heights, NY based charity. Your plan is to organize a game of chance during the annual Spring barbecue event. Each participant of the the game pays an entry fee to roll a dice and multiply the result by 10–that’s how much they win. For example, if they roll a 5, they win $ If they roll a 2, they win $20. If they roll a 1 they win $10.
- How much would a participant expect to win in a single turn at this game.That is, calculate the expected value.
- What should the entry fee be so that, on average, the charity earns $500 for 100 participants?

Jun 10, 2022