Reference no: EM131834859

Using five dice, you are playing a game consisting of accumulating as many points as possible in five rounds. After each round you may "freeze" one or more of the dice, i.e., a frozen die will not be rolled again in successive rounds, but the amount of points showing will be re-counted in successive rounds. You apply the following strategy: if there are still i rounds to go, you freeze a die only when it displays more than αi points, where α4 = 5, α3 = 4, α2 = 4, α1 = 3 and α0 = 0. A grand total of s points results in a payoff of s - 25 dollars if s ≥ 25, and a forfeiture of 25 - s dollars if Use computer simulation to find the expected value of the payoff. What is the probability that your grand total will be 25 or more points.