document.write( "Question 172627This question is from textbook Thinking Mathematically
\n" );
document.write( ": Solve the problem that involves computing expected values in a game of chance.\r
\n" );
document.write( "\n" );
document.write( "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?\r
\n" );
document.write( "\n" );
document.write( "Here are some thoughts on how to solve... not sure if I am thinking in the right direction:\r
\n" );
document.write( "\n" );
document.write( "Get a 2 the prob. is 1/6 and win $8.00 but pay $1 to play
\n" );
document.write( "not a 2 is 5/6 and owe a dollar\r
\n" );
document.write( "\n" );
document.write( "1/6*8/1= 8/6...4/3=1.33 - $1.00= $.33 \n" );
document.write( "
Algebra.Com's Answer #127493 by stanbon(75887)![]() ![]() ![]() You can put this solution on YOUR website! If the die is rolled and shows a 2, the player wins $8. \n" ); document.write( "If the die shows any number other than 2, the player wins nothing. \n" ); document.write( "If there is a charge of $1 to play the game, what is the game's expected value? \n" ); document.write( "----------------- \n" ); document.write( "Let the random variable be player gain: \n" ); document.write( "Its values are: \n" ); document.write( "8 with probability (1/6) \n" ); document.write( "-1 with probability (5/6) \n" ); document.write( "============================= \n" ); document.write( "Expected Value = (1/6)8 + (5/6)(-1) = (8/6) - (5/6) = $0.50 \n" ); document.write( "============================= \n" ); document.write( "Cheers, \n" ); document.write( "Stan H. \n" ); document.write( " \n" ); document.write( " |