Question

After paying $3 to play, a single fair die is rolled, and you are paid back the number of dollars corresponding to the number of dots facing up. For example, if a 4 turns up, $4 is returned to you for a net gain, or payoff, of $1. if a 2 turns up, $2 is returned for a net gain of - $1, and so on. What is the expected value of the game? is the game fair? The expected payoff of the game is $ (Type an integer or a decimal.) Is the game fair? No mit test Yes​

Answer 1

The expected value of the game is approximately $2.33.Since the expected value is positive, the game is favorable for the player. On average, you can expect to win $2.33 each time you play the game. Therefore, the game is not fair; it favors the player with a positive expected payoff.

Explanation: