# Mathematics for Liberal Arts

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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.)

• Mathematics for Liberal Arts -

The expected winning per game is
(1/2)*46 - (1/3)*22 - (1/6)*85

If that is positive, play the game

• Mathematics for Liberal Arts -

Take the \$50 and quit.

(Each game as outlined by drwls has an expected value of \$1.50.
You are playing it 5 times, so the expected return is \$7.50.
Your choice was to either accept \$50 or play the game)

• Mathematics for Liberal Arts -

Reiny is correct. I assumed you were betting your own money. I didn't read all the question.

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