Question

(GAME) You pay $1.00 to play a game that consists of rolling a colored die with three green sides, two red sides, and one blue side. A roll of a red loses. A roll of blue pays $6.00. A roll of green pays $2.00. What is the expected value of each game to the player? Round to the hundredths place.

Answer 1

The fair price to pay to play the game of rolling a colored die with three green sides, two red sides, and one blue side is; $2

How to Fair Price?

We are told that in the game of rolling the colored die;

- A roll of a red loses.

- A roll of blue pays 6.00.

- A roll of green pays 2.00.

Now, the best game to get the fairest price is to play; GGGRRB

Fair price = 2(3/6) + 6(1/6) + 0(2/6)

Fair price = $2