Question

A game uses a single 6-sided die. To play the game, the die is rolled one time, with the following results: Even number = lose $51 or 3 = win $35 = win $11What is the expected value of the game?State your answer in terms of dollars rounded to the nearest cent (hundredth).

Answer 1

Data given:

• Possible outcomes: 1, 2, 3, 4, 5, 6

,

• Money: +$3, -$5, +$3, -$5, +$11, -$5

Each number (outcome) has a probability of:

`P=(1)/(6)`

Thus, the expected value ( E ) is:

`E=(1)/(6)\cdot(3-5+$3-$5+$11-$5)`
`E=(1)/(6)\cdot2`
`E=(2)/(6)=(1)/(3)\approx0.33`

Answer: 0.33