3. You roll a fair six-sided die 7 times. What is the probability of getting a) exactly two 4’s?
b) less than (and not equal to) two 4’s? c) two or more 4’s?
4. A carnival game has the following payouts:
payout (x) $10 $20 $30 $40
probability (p) 40% 25% 20% 15%
a) If you play the game repeatedly, what is the expected value (long-run average) of the payouts?
b) What does the carnival have to charge to make this a fair game?
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