After paying $4 to play, a single fair die is rolled, and you are paid back the
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After paying $4 to play, a single fair die is rolled, and you are paid back the number of dollars corresponding to the number of dots facing up. For example, if a 5 turns up, $5 is returned to you for a net gain, or payoff, of $1; if a 1 turns up, $1 is returned for a net gain of - $3; and so on. What is the expected value of the game? Is the game fair?
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College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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