Wednesday

April 23, 2014

April 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

**Related Questions**

math - If your expected value when playing a $1 game of chance is $0.03. How ...

math - Gamblers are playing a game of chance in which they have a 1/40 chance of...

Probability and statistics - A mysterious card-playing squirrel (pictured) ...

math - there are 12 men on a basketball team, and in a game 5 of them play at ...

Statistics - In a certain game of chance a person pays $5 to play a game. A ...

biology - One rule of probability can be expressed as the following: The ...

biology - One rule of probability can be expressed as the following: The ...

math - If your expected value when playing a $1 game of chance is -$0.06. How ...

Statistics - suppose u are playing a game of chance.If you bet $4 on a certain ...

Please can you help me (Probability) - Maria is playing a game of chance at the ...