Solve the problem.
-Suppose you pay $2.00 to roll a fair die with the understanding that you will get back $6.00 for Rolling a 6 or a 2, nothing otherwise. What are your expected winnings?
A) $6.00
B) -$2.00
C) $0.00
D) $2.00

Question

Quizplus · Accepted Answer

The probability of rolling a 6 or a 2 is 2/6 (or 1/3), since there are two favorable outcomes out of six possible outcomes. The expected winnings for each roll are calculated as follows: (1/3) * $6.00 + (2/3) * (-$2.00) = $2.00 - $4.00/3 = $0.00. This means, on average, you neither gain nor lose money.

Solve the Problem. -Suppose You Pay $2.00 to Roll a Fair Die with Fair