statistics
posted by janice .
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 9 receive nothing. find expected value for this game. based on value is it a good game to play?

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"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 1300300 1/6 166.67
3 300 1/6 50
4 900300 1/6 100
5 300 1/6 50
6 900300 1/6 100
ΣxP(x)=50+20050+10050+100=216.67
The expected value (winning) is $216.67
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