A game is played using one die. If the die is rolled and shows 6, the player win

Question

A game is played using one die. If the die is rolled and shows 6, the player wins $5. If the die shows any number other than 6, the player wins nothing a. If there is a charge of $1 to play the game, what is the game's expected value? $? (Round to the nearest cent.) b. What does this expected value mean? Choose the correct statement below. 0 A. This value represents the expected win over the long run for each game played. O B. The player can expect to break even over the long run. ° C. This value represents the expected loss over the long run for each game played.

Explanation / Answer

Solution:-
Random "winnings":::...4.....-1
  
Propabilities::::......1/6....5/6

=> P(x=4) = 1/6; P(x= -1) = 5/6

a) E(x) = (1/6)(4) + (5/6)(-1)
E(x) = [4-5]/6
E(x) = -1/6 = -17

b) option C.

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