A game of chance involves rolling a 16-sided die once. If a number from 1 to 3 comes up, you win 4 dollars. If the number 4 or 5 comes up, y

Question

A game of chance involves rolling a 16-sided die once. If a number from 1 to 3 comes up, you win 4 dollars. If the number 4 or 5 comes up, you win 7 dollars. If any other number comes up, you lose. If it costs 5 dollars to play, what is your expected net winnings

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Thiên Di 1 year 2021-08-29T20:59:35+00:00 1 Answers 0 views 0

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  1. Doris
    0
    2021-08-29T21:00:42+00:00
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    Answer:

    -$1.8

    or loss of $1.8

    Step-by-step explanation:

    Given the following parameters, we have

    The probability of winning $4 is 3/16

    The probability of winning $7 is 2/16

    The probability of losing $5 is 11/16

    E(X) = (4 * 3/16) + (7 * 2/16) + (-5 * 11/16)

    = 12/16 + 14/16 – 55/16

    = -29/16

    = -1.8

    Hence, your expected net “winnings” would be -$1.8. That’s an expected loss of $1.8.

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