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 $61 or 3 = win $35 = win $12What is the expected value of the game?

Answer 1

Probability of losing $6 is 50% or 1/2 because there are 3 out of 6 even numbers in a 6 sided die. These are 2, 4, and 6.

Probability of winning $3 is 1/3 since there 2 out of 6 possible outcomes for this and those are "1" or "3".

Probability of winning $12 is 1/6 since there are 1 out of 6 possible outcomes in order to win and that is "5".

The formula for expected value is: