SOLUTION: Solve the problem that involves computing expected values in a game of chance. A game is played using one die. If the die is rolled and shows a 2, the player wins $8. If the die

Question 172039: Solve the problem that involves computing expected values in a game of chance.
A game is played using one die. If the die is rolled and shows a 2, the player wins $8. If the die shows any number other than 2, the player wins nothing. If there is a charge of $1 to play the game, what is the game's expected value?
Answer by Edwin McCravy(20055) (Show Source): You can put this solution on YOUR website!
A game is played using one die. If the die is rolled and shows a 2, the player wins $8. If the die shows any number other than 2, the player wins nothing. If there is a charge of $1 to play the game, what is the game's expected value?



There are two possibilities.  

1. He wins $7, ($8 - $1 to play), when a 2 is thrown 
with probability .

2. He loses $1, considered as a "negative win", or -$1, 
when a 1,3,4,5,or 6 is thrown, with a probability of .






So, the expected value is 

rd of , or 

That means if you played the game over and over many times,
you would expect to average winning  per
game.

Edwin

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