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
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A) $15 ÷ 40% =
15×.4= 6
15+6= 21
B) $38 × .25=9.5
38-9.5=28.50
28.50×.06=1.71
28.50+1.17=30.21
I think this is how you do it. would wait for other answers as well to double check.
Just plug in 2 for p. 3*2 - 2 = 6-2 = 4
If you subtract 6 from 33 youll end up with 27 and therefore 27 plus 6 equals 33
