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April 25, 2014

April 25, 2014

Posted by **B.B.** on Monday, August 10, 2009 at 11:45am.

Answer: The equally likely outcomes of each roll are receiving $6, $5, $4, $3, $2, or $1. I think the answer is $3.50 since you are equally likely to win more or less than the cost. That is 3 of 6 possible outcomes are a gain for 50% chance of a gain, and 3 of 6 or 50% are a loss.

Is this answered correctly?

Thanks.

- Math -
**PsyDAG**, Monday, August 10, 2009 at 11:46amThat's what I would say.

- Math -
**B.B.**, Monday, August 10, 2009 at 11:57amThanks.

- Math -
**bobpursley**, Monday, August 10, 2009 at 12:01pmanother way.

Expected value: 1/6 (6 + 5 + 4 + 3 + 2 +1)

= 1/6 (21)

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