A game of chance involves rolling a 14-sided die once. If a number from 1 to 3 comes up, you win 2 dollars. If the number 4 or 5 comes up, you win 9 dollars. If any other number comes up, you lose. If it costs 5 dollars to play, what is your expected net winnings?

Ok so let's say that you have a 3/13 chance of winning $3 and a 2/13 chance of winning $10 and a 8/13 chance of winnning $0.

Therefore if the dice is rolled 13 times, I am expected to win 3X$3 + 2X$10 = $29

But I am paying $5 per roll so 13 rolls would cost me 13X$5 = $65

So therefore my expected net winnings is $29-$65 = -$36

I would lose $36 according to chance.
I hope this help's. Good luck!

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swapnalimalwadeVT swapnalimalwadeVT · Answer 2 · 2022-05-03T08:57:35+02:00

The expected net winnings are -$36. That is you lose $36 according to chance.

We have given

A game of chance involves rolling a 14-sided die once. If a number from 1 to 3 comes up, you win 2 dollars.

We have to determine expected net winnings

What is the expected net winnings?

The expected value is what the player can expect to win or lose if they were to play many times with the same game.

let's say that you have a 3/13 chance of winning $3 and a 2/13 chance of winning $10 and an 8/13 chance of winning $0.

Therefore if the dice is rolled 13 times then the expected to win 3X$3 + 2X$10 = $29

But you pay $5 per roll so 13 rolls would cost me 13X$5 = $65

Therefore the expected net winnings are $29-$65 = -$36

Therefore the expected net winnings are -$36.

So you lose $36 according to chance.

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