SOLUTION: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $12. If you roll a 4 or 5, you win $3. Otherwise, you pay $2. a. Complete t

Question 1186867: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $12. If you roll a 4 or 5, you win $3. Otherwise, you pay $2.
a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate.
Probability Distribution Table
(X) (P(X))

b. Find the expected profit. $
(Round to the nearest cent)

Answer by ikleyn(52771) (Show Source): You can put this solution on YOUR website!
.
Suppose that you are offered the following "deal." You roll a six sided die.
If you roll a 6, you win $12. If you roll a 4 or 5, you win $3. Otherwise, you pay $2.
a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest.
Round to 4 decimal places where appropriate.
Probability Distribution Table
(X) (P(X))
b. Find the expected profit. $
(Round to the nearest cent)
~~~~~~~~~~~

With the probability  , the die shows any of 6 numbers 1, 2, 3, 4, 5, 6  on the upper face.


Therefore, the expected profit is


     =  = 2 dollars.


Playing many times this game, you will have a profit of 2 dollars per game, in average.

Solved.

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