SOLUTION: You play a gambling game with a friend in which you roll a die. If a 1 or 2 comes up, you win $10. How much should you lose on any other outcome in order to make this a fair game?

Algebra ->  Probability-and-statistics -> SOLUTION: You play a gambling game with a friend in which you roll a die. If a 1 or 2 comes up, you win $10. How much should you lose on any other outcome in order to make this a fair game?       Log On


   

Question 1166090: You play a gambling game with a friend in which you roll a die. If a 1 or 2 comes up, you win $10. How much should you lose on any other outcome in order to make this a fair game?
Answer by ikleyn(52921) About Me  (Show Source):
You can put this solution on YOUR website!
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Where are 2 outcomes, 1 and 2, with the probability of   1%2F6 each, and each produces $10 winning.


Where are 4 other possible outcomes 3, 4, 6 and 6, with the same probability of  1%2F6  each.


In order the game is fair, the uniform loss in each of these 4 outcomes must be $5.    ANSWER

Solved.