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July 23, 2014

July 23, 2014

Posted by **janice** on Saturday, July 13, 2013 at 12:19am.

- statistics -
**MathMate**, Saturday, July 13, 2013 at 8:47amPossible typo in bold:

"Playing game of chance and pay 300 by rolling a fair die one time if you rome a 2 and receive $1300 if you roll a 4 or six you receive $900 if you ore a 3 5 or**one**receive nothing. find expected value for this game. based on value is it a good game to play?"

If x and P(x) represents the winning amount and P(x) the probability for a particular outcome, then

ΣxP(x) represents the expected value of the game, i.e. expected amount of winnings averaged over a large number of trials.

Outcome x P(x) xP(x)

1 -300 1/6 -50

2 1300-300 1/6 166.67

3 -300 1/6 -50

4 900-300 1/6 100

5 -300 1/6 -50

6 900-300 1/6 100

ΣxP(x)=-50+200-50+100-50+100=216.67

The expected value (winning) is $216.67

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