Question 1186867: Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $12. If you roll a 4 or 5, you win $3. Otherwise, you pay $2.
a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate.
Probability Distribution Table
(X) (P(X))
b. Find the expected profit. $
(Round to the nearest cent)
Answer by ikleyn(52770)   (Show Source):
You can put this solution on YOUR website! .
Suppose that you are offered the following "deal." You roll a six sided die.
If you roll a 6, you win $12. If you roll a 4 or 5, you win $3. Otherwise, you pay $2.
a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest.
Round to 4 decimal places where appropriate.
Probability Distribution Table
(X) (P(X))
b. Find the expected profit. $
(Round to the nearest cent)
~~~~~~~~~~~
With the probability  , the die shows any of 6 numbers 1, 2, 3, 4, 5, 6 on the upper face.
Therefore, the expected profit is
 =  = 2 dollars.
Playing many times this game, you will have a profit of 2 dollars per game, in average.
Solved.
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