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July 31, 2015

Homework Help: Mathematics for Liberal Arts

Posted by Sandra on Friday, November 20, 2009 at 1:38am.

You are on a TV show. You have been asked to either play a dice game five times or accept a $50 bill. The dice game works like this:

If you roll a 1, 2 or 3, you win $46.

If you roll a 4 or 5, you lose $22.

If you roll a 6, you lose $85.

Should you play the game? Use expected values and decision theory to justify your answer. (Round the answer to the nearest cent.)

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