Consider the following game. You roll a six minus sided die and each time you roll a 6, you get $30. For all other outcomes yo

Question

3 years ago

8

u pay $6. What is the expected value of the game

1 answer:

Debora [2.8K] · Answer 1 · 2022-09-17T06:38:48+03:00

Answer:

$0

Step-by-step explanation:

There are two possible outcomes for this experiment:

-there is a 1 in 6 chance of you winning $30.

-there is a 5 in 6 chance of you losing $30.

The expected value of this game is given by the sum of the products of each outcome by their respective likelihood:

$E(X) = \$30*\frac{1}{6}- \$6*\frac{5}{6}\\E(X) = \$0$

The expected value of this game is $0, which means the game is fair.

Consider the following game. You roll a six minus sided die and each time you roll a​ 6, you get​ $30. For all other outcomes yo