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You are playing Monopoly with a friend She owns and has developed Park Place and...

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You are playing Monopoly with a friend She owns and has developed Park Place and Boardwalk with hotels If you roll an 8 you will land on Park Place and owe her 1500 You will be able to pay but you will not have money left afterward If you roll a 9 you will land on Luxury Tax and have to pay 75 If you roll a 10 you will land on Boardwalk and owe her 2000 which is more than you can pay and lose the game If you roll a 7 or less you will not have to pay any money to anyone Your friend offers you insurance Pay her 500 before you roll and even if you land on Boardwalk or Park Place you will not have to pay any additional money However if you roll a 7 you will have to pay her 1000 Use probabilities to find expected values Then compare the amount of money you should expect to pay out on average under her insurance and by chance Is her deal fair

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