A player losses a fair 6 sided dice. If the number on the die is a 3 or an 5 he receives $5 if the number on the die is 2, he receives $4. For any other number, he must pay $7. What is the expected value of this game (for the player)? Give answer rounded to 2 decimal places.
A player losses a fair 6 sided dice. If the number on the die is a 3 or an 5 he receives $5 if the number on the die is 2, he receives $4. For any other number, he must pay $7. What is the expected value of this game (for the player)? Give answer rounded to 2 decimal places.
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter9: Counting And Probability
Section9.4: Expected Value
Problem 1E: If a game gives payoffs of $10 and $100 with probabilities 0.9 and 0.1, respectively, then the...
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Question
A player losses a fair 6 sided dice. If the number on the die is a 3 or an 5 he receives $5
if the number on the die is 2, he receives $4. For any other number, he must pay $7.
What is the expected value of this game (for the player)? Give answer rounded to 2 decimal
places.
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