Homework Help Question & Answers

The game of dots is played by rolling a fair die and receiving $1 for each dot showing on the top face of the die

The game of dots is played by rolling a fair die and receiving $1 for each dot showing on the top face of the die. What cost should be set for each roll if the game is to be considered a fair game?
Answer: The equally likely outcomes of each roll are receiving $6, $5, $4, $3, $2, or $1. I think the answer is $3.50 since you are equally likely to win more or less than the cost. That is 3 of 6 possible outcomes are a gain for 50% chance of a gain, and 3 of 6 or 50% are a loss.
Is this answered correctly?
Thanks.
0 0
Next > < Previous
ReportAnswer #1
Thanks.
answered by: jennifer white
ReportAnswer #2
another way.

Expected value: 1/6 (6 + 5 + 4 + 3 + 2 +1)
= 1/6 (21)
answered by: geof
ReportAnswer #3
That's what I would say.
answered by: jowy
Add Homework Help Answer
Add Answer of:
The game of dots is played by rolling a fair die and receiving $1 for each dot showing on the top face of the die
Your Answer: Your Name: What's your source?
Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Need Online Homework Help?
Ask a Question
Get FREE Expert Answers
WITHIN MINUTES