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Answer 1

Design a game which involves betting with money of some description. You could design an idea which uses any of the following suggestions:

• Pokie machine
• Simple board game
• Coins
• Dice
• Cards

1. Write down the rules of the game
2. Calculate the probabilities of winning at least three different amounts of money and the probability of losing the game
3. Decide on how much you will charge to play the game and the amount each player will gain/lose for each outcome
4. By using the probabilities, calculate the expected gain/loss per game and the theoretical standard deviation over a period of time
5. Adjust the cost of the game needed to make the game fair and state your new amounts gained/lost.
6. Test out your game at least 30 different times or by means of a computer simulation.
7. Tabulate your test game results into a frequency table. You could use EXCEL to help you do this.
8. Calculate the statistical mean and standard deviation