A friend devises a game that is played by rolling a single six-sided die once. If...
A friend devises a game that is played by rolling a single six-sided die once. If you roll a 6, he pays you $3; if you roll a 5, he pays you nothing; if you roll a number less than 5, you pay him $1.
Homework Answers
From the given data, the following Table is calculated:
| Event | Value (x) | Probability (p) | x p |
| Roll a 6 | 3 | 1/6 | 3 X 1/6 = 0.50 |
| Roll a 5 | 0 | 1/6 | 0X 1/6 = 0.00 |
| Roll 1,2,3,4 | - 1 | 4/6 | - 1 X 4/6 = - 0.67 |
| Total = | - 0.17 |
So,
Expected Value of the game = - 0.17
Since the expected value of the game is negative, the conclusion is that playing the game is loss for you and it is profitable for your friend.
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