Answer:
If you play this game once (and it costs you nothing to play), the expected amount of money you will win is:
$8.
Step-by-step explanation:
a) Data and Calculations:
The probability for the result to be 1 or 2 = 33.33% (100/6 * 2)
The probability for the result to be 3, 4, or 5 = 50% (100/6 * 3)
The probability for the result to be 6 = 16.67% (100/6 * 1)
Data Table:
Event Probability Value Won
The result is 1 or 2 33.33% $0
The result is 3, 4 or 5 50.00% $4.00
The result is 6 16.67% $36.00
Expected Value:
Event Probability Value Expected Value
The result is 1 or 2 33.33% $0 $0 ($0 * 33.33%)
The result is 3, 4 or 5 50.00% $4.00 $2.00 ($4 * 50%)
The result is 6 16.67% $36.00 $6.00 ($36 * 16.67%)
Total expected amount of money = $8.00
y
