I am doing a kids fishing game. right now I am doing it with 15fish and number them 1-5. prize one the lowest value and prize 5the highest value. What do I need to do for this?
You can work with a partner or by yourself. I want you to inventa game with at least 12 different possible monetary outcomes. Theseoutcomes need to include prizes other than money. You are going tocharge people money (you decide how much) to play the game and thenyou decide how much each outcome is worth (win or lose). Make surethat you are able to find the probability of each outcome (Hint:use dice, deck of cards, etc.) Your goal is to come up with anappealing game that people will want to play, but that you will bethe one making money in the end. NO RAFFLES.
Title your game, explain the rules, and list the prizes.
Construct a probability distribution in chart form for yourgame, your random variable x should represent theplayer’s monetary outcome (there should be at least 12different x values). Be sure to subtract what youcharged to play from their winnings.
Find the player’s expected value of your game. The expectedvalue needs to be between $-2.00 and $0.00.
Explain how this game is going to make you money, but still beappealing enough for people to try and play.
