What does the expected value tell about game

Assignment Help Basic Statistics

Reference no: EM13157435

Suppose a single die is rolled once. You win $5 if a 1 or a 3 comes up, win $12 if a 5 comes up and lose $10 if a 2, 4, or 6 come up.

a) Complete the table that gives the expected values of each event occurring.

Event x (random variable) P(x) xP(x)
Rolling a 1 +5
Rolling a 2 -10
Rolling a 3 +5
Rolling a 4 -10
Rolling a 5 +12
Rolling a 6 -10

b) Use your table to find the expected value of the game.

c) What does the expected value tell you about the game?

Reference no: EM13157435

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