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Instructions
Calculate the EMV for the following scenario
Imagine that you are asked to play the following game with 5 of your friends*. Everyone is given a number from 1 to 6, and each person puts in $10. The die is rolled and the lucky person that matches the number that comes up on the dice, gets to keep all the money ($60).
Formula: EMV = P(O1)*M(O1) + P(O2)*M(O2)+ . . . + P(On)*M(On)
* Other than the obvious relationship to running a casino, the scenario is also similar to marketing contexts in customer relationship management, loyalty programs, etc;
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