Florida University Probability and Statics Probability Problem Set The image below represents a collection of numbered, colored cubes that have been placed in one of four colored bins. Imagine these props will be used in games of chance, like what you would see at a casino night fund raiser. Probability Assignment
The image below represents a collection of numbered, colored cubes that have been placed in one of
four colored bins. Imagine these props will be used in games of chance, like what you would see at a
casino night fund raiser.
To play, a contestant chooses a single cube from one of the bins. You will create the rules that
determine whether they win or lose.
Define rules for four different games. The rules for each game must specify what bin the
contestant can choose from and how they win. They may select only ONE CUBE per game, not
For example, contestants may select a cube from the blue bin, and they win if the cube is blue. Or
the contestant can pick one cube from any one of the bins and wins if the cube is a “3.” (4 points)
Calculate the probability of two of your games. The cubes are selected at random. (4 points)
Using these two games, calculate the expected value of the fund raiser (i.e. the house’s, not the
player’s, take) given the following assumptions (4 points):
Do these payouts seem appropriate for your games given the probabilities for winning? How
might you adjust the payout levels to either increase the fund raiser’s expected value or
encourage more people to play? (3 points)
Type your name in the upper-right corner of this page next to Student Name
Save your file as a Word Document (.docx).
Include the term Probability and your First Name when saving your file. Example:
Upload your completed document using the Browse button, and then click the Submit button.
Points Possible: 15
Purchase answer to see full