In a Game Called Taxation and Evasion,a Player Rolls a Pair

question 189

Short Answer

In a game called Taxation and Evasion,a player rolls a pair of dice.If on any turn the sum is 7,11,or 12,the player gets audited.Otherwise,she avoids taxes.Suppose a player takes 5 turns at rolling the dice.The variance of the number of times she will be audited is _____.

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Definitions:

Money Supply

The total amount of monetary assets available in an economy at any given time, including cash, coins, and balances held in checking and savings accounts.

United States Treasury

The government department responsible for managing federal finances, including issuance of currency and management of government accounts.

Store Of Value

An asset that can be saved, retrieved, and exchanged at a later time, maintaining its value over time.

Checkable Deposits

are bank accounts that allow the account holder to write checks to third parties. Checkable deposits include checking accounts and are considered very liquid.