Asked by janice
Playing game of chance and pay 300 by rolling a fair die one time if you rome a 2 and receive $1300 if you roll a 4 or six you receive $900 if you ore a 3 5 or 9 receive nothing. find expected value for this game. based on value is it a good game to play?
Answers
Answered by
MathMate
Possible typo in bold:
"Playing game of chance and pay 300 by rolling a fair die one time if you rome a 2 and receive $1300 if you roll a 4 or six you receive $900 if you ore a 3 5 or <b>one</b> receive nothing. find expected value for this game. based on value is it a good game to play?"
If x and P(x) represents the winning amount and P(x) the probability for a particular outcome, then
ΣxP(x) represents the expected value of the game, i.e. expected amount of winnings averaged over a large number of trials.
Outcome x P(x) xP(x)
1 -300 1/6 -50
2 1300-300 1/6 166.67
3 -300 1/6 -50
4 900-300 1/6 100
5 -300 1/6 -50
6 900-300 1/6 100
ΣxP(x)=-50+200-50+100-50+100=216.67
The expected value (winning) is $216.67
"Playing game of chance and pay 300 by rolling a fair die one time if you rome a 2 and receive $1300 if you roll a 4 or six you receive $900 if you ore a 3 5 or <b>one</b> receive nothing. find expected value for this game. based on value is it a good game to play?"
If x and P(x) represents the winning amount and P(x) the probability for a particular outcome, then
ΣxP(x) represents the expected value of the game, i.e. expected amount of winnings averaged over a large number of trials.
Outcome x P(x) xP(x)
1 -300 1/6 -50
2 1300-300 1/6 166.67
3 -300 1/6 -50
4 900-300 1/6 100
5 -300 1/6 -50
6 900-300 1/6 100
ΣxP(x)=-50+200-50+100-50+100=216.67
The expected value (winning) is $216.67
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.