SOLUTION: You are playing a game where you are rolling a fair 6-sided number cube. It costs $1.00 for every roll. If you roll an even number, you win $2.00. If you roll an odd number, you wi
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-> SOLUTION: You are playing a game where you are rolling a fair 6-sided number cube. It costs $1.00 for every roll. If you roll an even number, you win $2.00. If you roll an odd number, you wi
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Question 1002916: You are playing a game where you are rolling a fair 6-sided number cube. It costs $1.00 for every roll. If you roll an even number, you win $2.00. If you roll an odd number, you win nothing. Which of the following is the expected value of this game?
A) expected value = -$.50
B) expected value = $.50
C) expected value = $1.00
D) expected value = -$1.00 Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! You are playing a game where you are rolling a fair 6-sided number cube. It costs $1.00 for every roll. If you roll an even number, you win $2.00. If you roll an odd number, you win nothing. Which of the following is the expected value of this game?
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Random "winning" values :: +1.....-1
Corresponding Probabilities: (1/2)......(1/2)
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E(x) = (1/2)1 + (1/2)*-1 = 0
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Cheers,
Stan H.
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A) expected value = -$.50
B) expected value = $.50
C) expected value = $1.00
D) expected value = -$1.00
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