need help with this problem: Construct a probability distribution for this game by

MATLAB: An Introduction with Applications
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I need help with this problem:

  1. Construct a probability distribution for this game by completing the table.

  2. Compute the expected value (the mean) of ?.

  3. Explain the meaning of the expected value ? in the context of the problem.

     
1. Suppose you play a die rolling game in which a fair 6-sided die is rolled once. If the outcome
of the roll (the number of dots on the side facing upward) is more than five, you win $8,
otherwise
you
lose $2. Let X be the profit of the game or the amount of money won or lost
per roll. Negative profit corresponds to lost money.
Transcribed Image Text:1. Suppose you play a die rolling game in which a fair 6-sided die is rolled once. If the outcome of the roll (the number of dots on the side facing upward) is more than five, you win $8, otherwise you lose $2. Let X be the profit of the game or the amount of money won or lost per roll. Negative profit corresponds to lost money.
Outcome
Probability
Transcribed Image Text:Outcome Probability
Expert Solution
Step 1

When a die is rolled the possible outcomes are {1,2,3,4,5,6} with equal probability 1/6.

If the number of die rolled is more than 5 then the amount gained is $8.

If the number on die rolled is less than or equal to 5 then the amount loss is $2.

Let X denote the profit of the game of amount won or loss

1)

The probability distribution table is constructed below.

Outcome X probability
1 -2 1/6
2 -2 1/6
3 -2 1/6
4 -2 1/6
5 -2 1/6
6 +8 1/6
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