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Consider a game that consists of rolling a regular die. You pay $5 to play the game, and the $5 is not returned. If you roll a 1, 2, or 3, you win nothing. If you roll a 4 or 5, you win $7; if you roll a 6, you win $9. What is your expected value for this game? Give your answer exactly or round it to two decimal places.

Consider a game that consists of rolling a regular die. You pay $5 to play the game, and the $5 is not returned. If you roll a 1, 2, or 3, you win nothing. If you roll a 4 or 5, you win $7; if you roll a 6, you win $9. What is your expected value for this game? Give your answer exactly or round it to two decimal places.

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter9: Counting And Probability
Section: Chapter Questions
Problem 9CC
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on 2 Consider a game that consists of rolling a regular die. You pay $5 to play the game, and the $5 is not returned. If you roll a 1, 2, or 3, you win nothing. If you roll a 4 or 5, you win $7; if you roll a 6, you win $9. What is your expected value for this game? Give your answer exactly or round it to two decimal places. This question accepts numbers or formulas. Plot I Help I Switch to Equation Editor I Preview
Transcribed Image Text:on 2 Consider a game that consists of rolling a regular die. You pay $5 to play the game, and the $5 is not returned. If you roll a 1, 2, or 3, you win nothing. If you roll a 4 or 5, you win $7; if you roll a 6, you win $9. What is your expected value for this game? Give your answer exactly or round it to two decimal places. This question accepts numbers or formulas. Plot I Help I Switch to Equation Editor I Preview
Expert Solution
Step 1

When a die is rolled, sample space is S={1,2,3,4,5,6} with probability of each outcome as 16

Outcome $0 $7 $9 ∑(x).(P(x))
Probability(P(x)) 12 13 16  
x=Outcome-$5 -5 2 4  
(x).(P(x)) -52 23 23 -1.17
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