Say you took the following bet with a friend. An impartial third party will roll a...

 

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Say you took the following bet with a friend. An impartial third party will roll a fair dice. You win $24 if the number 1 comes up, $12 if either 2 or 3 come up, but you will lose $6 if 4 comes up, and $30 if either 5 or 6 come up. What is the expected value you have for this gamble? Say you took the following bet with a friend. An impartial third party will roll a fair dice. You win $24 if the number 1 comes up, $12 if either 2 or 3 come up, but you will lose $6 if 4 comes up, and $30 if either 5 or 6 come up. What is the expected value you have for this gamble?

Answer rating: 100% (QA)

To calculate the expected value of this gamble we need to multiply each outco... View the full answer