Suppose you are offered the following game. On a turn you must roll a six-sided die. If you get 6, you win and receive $
Posted: Wed May 11, 2022 8:37 pm
Suppose you are offered the following game.
On a turn you must roll a six-sided die. If you get 6, you win
and receive $7.4. Otherwise, you lose and have to pay $0.2.
If we define a discrete variable X as the winnings when playing
a turn of the game, then the variable can only get two values X =
7.4 either X = − 0.2
Taking this into consideration, answer the following
questions.
1. If you play only one turn, the probability of winning
is
2. If you play only one turn, the probability of losing
is
3. If you play a large number of turns, your winnings at the end
can be calculated using the expected value.
Determine the expected value for this game, in dollars. E [
X ]=
On a turn you must roll a six-sided die. If you get 6, you win
and receive $7.4. Otherwise, you lose and have to pay $0.2.
If we define a discrete variable X as the winnings when playing
a turn of the game, then the variable can only get two values X =
7.4 either X = − 0.2
Taking this into consideration, answer the following
questions.
1. If you play only one turn, the probability of winning
is
2. If you play only one turn, the probability of losing
is
3. If you play a large number of turns, your winnings at the end
can be calculated using the expected value.
Determine the expected value for this game, in dollars. E [
X ]=