SOLUTION: Suppose a standard six-sided die is rolled and you receive $0.50 for every dot showing on the top of the die. What should be the cost of playing the game be in order to make it a f

Question 1022342: Suppose a standard six-sided die is rolled and you receive $0.50 for every dot showing on the top of the die. What should be the cost of playing the game be in order to make it a fair game?
Answer by richard1234(7193) (Show Source): You can put this solution on YOUR website!
Assuming a "fair game" has expected payoff zero, the expected number of dots is

which is equal to

Then 3.5 * $0.50 = $1.75 should be charged.
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