SOLUTION: Find the expected value: Carol wins $3 if a die roll shows a six and she wins $0.50 otherwise.

Question 1179467: Find the expected value: Carol wins $3 if a die roll shows a six and she wins $0.50 otherwise.
Answer by ikleyn(52915) (Show Source): You can put this solution on YOUR website!
.


Carol wins $3 with the probability    and she wins  $0.50  with the probability  .


Write as you read


    the expected value =  =  =  = 0.91666...   dollars.    ANSWER

Solved.

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You should not be embarrassed getting non-integer value of cents,
since the expected value is the STATISTICAL notion/conception - - - not a real winning.

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