5 4. In Craps, people bet on the sum of two fair, 6-sided dice. A bet on the roll of 11 is called a "yo 11" (at the crap

[answerhappygod]

5 4 In Craps People Bet On The Sum Of Two Fair 6 Sided Dice A Bet On The Roll Of 11 Is Called A Yo 11 At The Crap 1 (57.15 KiB) Viewed 32 times

5 4. In Craps, people bet on the sum of two fair, 6-sided dice. A bet on the roll of 11 is called a "yo 11" (at the craps table, you will hear people calling for a "lucky yo", meaning they want an 11 rolled). The payout for "yo 11" is 15:1. This means that if you bet $1 and win, you will receive your $1 back plus $15 from the casino. a. You decide to bet $1 on "yo 11". Fill in the probability distribution for your profit. Outcome (Words) Profit Probability b. Find the expected value of your profit (give 3 decimal places). c. What is the house edge (write as a percent) d. If you bet $100 on "yo 11", how much would you expect to gain or lose? e. Explain why this is not a fair game