Concept explainers
In the gambling game chuck-a-luck, for a $1 bet it is possible to win $1, $2, or $3 with respective probabilities
One dollar is lost with probability
Let X equal the payoff for this game and find E(X). Note that when a bet is won, the $1 that was bet, in addition to the $1, $2, or $3 that is won, is returned to the bettor.
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Probability and Statistical Inference (9th Edition)
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