yesterday Clara reached 4 people in 10 phone calls while toby reached 3 people in 8 phone calls. if they continue at those rates
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Given:
A fair die is rolled.
It pays off $10 for 6, $7 for a 5, $4 for a 4 and no payoff otherwise.
To find:
The expected winning for this game.
Solution:
If a die is rolled then the possible outcomes are 1, 2, 3, 4, 5, 6.
The probability of getting a 6 is:
The probability of getting a 5 is:
The probability of getting a 4 is:
The probability of getting other numbers (1,2,3) is:
Now, find the sum of product of payoff and their corresponding probabilities to find the expected winning for this game.
On further simplification, we get
Hence, the expected winnings for this game are $3.50.