Hi everyone, I hope you can help me with the following problem, especially the part 2 of the problem.
Three dice are thrown in a game. If 1 or 6 turns up, you will be paid 1p. If neither 1 nor 6 turn up, you pay 5p. How much gain or loss is expected in 9 games?
Let say you are given opportunity to change the rule of the game if 1 or 6 appears. To make the game worthwhile, what is the minimum amount in everyday currency that you would suggest for both the payments?
Thanks in advance.