Expected money to be won
A game is to be played with a single fair die.
A player wins $40 if a 2 turns up, $40 if a 3 turns up; loses if a 6 turns up; while the player neither wins nor loses if any other faces turns up.
Find the expected amount of money to be won.
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1 solution
Probability of 2 up = 1/6
Probability of 3 up = 1/6
Probability of 6 up = 1/6
E = (40)(1/6) + (40)(1/6) - (20)(1/6) = $10