Question

Mai is playing a game of chance in which she rolls a number cube with sides numbered from 1 to 6. The number cube is fair, so a side is rolled at random. This game is this: Mai rolls the number cube once. She wins $1 if a 1 is rolled, $2 if a 2 is rolled, $3 if a 3 is rolled, and $4 if a 4 is rolled. She loses $0.50 if a 4, 5, or 6 is rolled.

a) Find the expected value of playing the game.
b) What can Elsa expect in the long run, after playing the game many times?
1) Elsa can expect to gain money. She can expect to win___dollars per roll.
2) Elsa can expect to lose money She can expect to lose___dollars per roll.
3) Elsa can expect to break even (neither gain nor lose money).

Answer 1

A. 0.75

B. Elsa can expect to gain 0.75 dollars

Explanation:

We have six outcomes

Using the table in the attachment, the expected value was calculated.

Expected value = 0.166667+0.3333+0.5-0.083333-0.083333-0.083333

= 0.75

B. From the answer in part A , we can conclude that Elsa can expect to gain money. She can expect to win 0.75 dollars per roll.