Question

Suppose you play a game where you roll a fair six-sided die. If the die lands on an even number, you win $2, and if the die lands on an odd number, you lose $1. What is your expected value for one round of this game?

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Answer 1

1 buck

Explanation:

Alright man im not a pro at this, so im not gonna have a professional explanation, but the final answer will be correct.

So listen up a dice has 6 sides labeled 1,2,3,4,5,6

3 of those are even

3 of those are odd

so you have a 50% chance of landing on an evan numbered side

and a 50% chance of landing on an odd-numbered side

So basically, if we play one round, there are 2 possibilities. We get even and win 2 bucks, or we get odd and lose a buck. We dont need to worry about probability as they are both 50%. Therfore, the value is 2-1 = 1 dollar. I found the value by subtracting the possbilities.