The game called dots is played by rolling a fair die and receiving 1$ for each dot showing on the top face of the die. What cost should be set for each roll if the game is to be considered a fair game?
Not a clue on this one.
expected return on a roll of 1 = (1/6)*1 = .1667
expected return on a roll of 2 = (1/6)*2 = .3333
expected return on a roll of 3 = (1/6)*3 = .5
expected return on a roll of 4 = (1/6)*4 = .6667
expected return on a roll of 5 = (1/6)*5 = .8333
expected return on a roll of 6 = (1/6)*6 = 1.0
the sum of the above is $3.50
So that would be the cost per game to break even
(fair game)