SOLUTION: Find the expected value: Carol wins $3 if a die roll shows a six and she wins $0.50 otherwise.

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Question 1179467: Find the expected value: Carol wins $3 if a die roll shows a six and she wins $0.50 otherwise.
Answer by ikleyn(52904) About Me  (Show Source):
You can put this solution on YOUR website!
.

Carol wins $3 with the probability  1%2F6  and she wins  $0.50  with the probability  5%2F6.


Write as you read


    the expected value = 3%2A%281%2F6%29+%2B+0.5%2A%285%2F6%29 = %283+%2B+0.5%2A5%29%2F6 = 5.5%2F6 = 0.91666...   dollars.    ANSWER

Solved.

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You should not be embarrassed getting non-integer value of cents,
since the expected value is the  STATISTICAL  notion/conception - - - not a real winning.