Question 540488: You don't have to give me the answer, please just help me get started with the steps involved in solving this problem.
Suppose you roll a 6 sided die. If you roll a 1 you earn $2, if you roll a 4 you earn $4, any other number you pay $1. How much money should you expect to earn on average.
It's the average part that is throwing me.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Suppose you roll a 6 sided die. If you roll a 1 you earn $2, if you roll a 4 you earn $4, any other number you pay $1. How much money should you expect to earn on average.
------
"On average" is just another term for "expected value".
----
Random earning numbers: 2 , 4, -1
Matching probabilities: 1/6, 1/6, 4/6
----
Multiply each random value by its probability and add the 3 products
to get the expected value or average.
============
Cheers,
Stan H.
|
|
|
