SOLUTION: PLEASE HELP!
A game consists of rolling a single fair die and pays off as follows: $3 for a 6, $2 for a 5, $1 for a 4, and no pay off otherwise.
a) Find the expected winnings
Algebra ->
Probability-and-statistics
-> SOLUTION: PLEASE HELP!
A game consists of rolling a single fair die and pays off as follows: $3 for a 6, $2 for a 5, $1 for a 4, and no pay off otherwise.
a) Find the expected winnings
Log On
Question 674638: PLEASE HELP!
A game consists of rolling a single fair die and pays off as follows: $3 for a 6, $2 for a 5, $1 for a 4, and no pay off otherwise.
a) Find the expected winnings for this game.
b) what is a fair price to play this game.
Please explain too! Thanks! Answer by ewatrrr(24785) (Show Source):
Hi
W
6 $3 1/6
5 $2 1/6
4 $1 1/6 Expect winnings 6/6 or $1
A game in which the expected net winnings are zero is called a fair game.
b) what is a fair price to play this game. $1
Net
6 $2 1/6
5 $1 1/6
4 $0 1/6
3 -$1 1/6
2 -$1 1/6
1 -$1 1/6 expected net winnings are zero
