Question

A game consists of rolling a colored die with three red sides, two green sides, and one blue side. A roll of a red loses. A roll of green pays $2.00. A roll of blue pays $5.00. The charge to play the game is $2.00. What is the expected value of the game?

Answer 1

The expected value of the game is $2.00.

To Find: The fair price to pay to play the game of rolling a colored die with three red sides, two green sides, and one blue side

Now the question arises how to find the Fair Price

We are told that in the game of rolling the colored die;

A roll of a red loses.

A roll of blue pays 5.00 and A roll of green pays 2.00.

Now, the best game to get the fairest price is to play; RRRGGB  i.e (RED, RED, RED, GREEN, GREEN,BLUE)

Fair price = 2(3/6) + 6(1/6) + 0(2/6)

Fair price = $2

Read more about Fair Price at; brainly.com/question/24855677

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