SOLUTION: A fair six-sided die is tossed. You win P10.00 if the result is a “3”, you win P20.00 if the result is a “6”, but otherwise you lose P5.00. Determine the expected amount that you w

Algebra ->  Probability-and-statistics -> SOLUTION: A fair six-sided die is tossed. You win P10.00 if the result is a “3”, you win P20.00 if the result is a “6”, but otherwise you lose P5.00. Determine the expected amount that you w      Log On


   

Question 1166277: A fair six-sided die is tossed. You win P10.00 if the result is a “3”, you win P20.00 if the result is a “6”, but otherwise you lose P5.00. Determine the expected amount that you will gain/lose in the game.
Answer by ikleyn(52866) About Me  (Show Source):
You can put this solution on YOUR website!
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The expected amount that you will gain/lose in the game = 10%2A%281%2F6%29 + 20%2A%281%2F6%29 - 5%2A%284%2F6%29 = %2810%2B20-20%29%2F6 = 10%2F6 = 5%2F3 = 1 2%2F3.    ANSWER


Here 1%2F6  is the probability to get a winning outcome  "3" or "6" and 4%2F6 is the probability of getting other outcome.