You are on a TV show. You have been asked to either play a dice game five times or accept a $50 bill. The dice game works like this:
If you roll a 1, 2 or 3, you win $46.
If you roll a 4 or 5, you lose $22.
If you roll a 6, you lose $85.
Should you play the game? Use expected values and decision theory to justify your answer. (Round the answer to the nearest cent.)
 👍
 👎
 👁
 ℹ️
 🚩
3 answers

The expected winning per game is
(1/2)*46  (1/3)*22  (1/6)*85
If that is positive, play the game 👍
 👎
 ℹ️
 🚩
answered by drwls 
Take the $50 and quit.
(Each game as outlined by drwls has an expected value of $1.50.
You are playing it 5 times, so the expected return is $7.50.
Your choice was to either accept $50 or play the game) 👍
 👎
 ℹ️
 🚩
answered by Reiny 
Reiny is correct. I assumed you were betting your own money. I didn't read all the question.
 👍
 👎
 ℹ️
 🚩
answered by drwls
Answer this Question
Related Questions

Math
Two sixsided dice are rolled at the same time and the numbers showing are observed. Find the following. a. P(sum=6) (1,6), (6,1) 1/36+1/36=2/36 b. P(sum=3) =1/36 c. P(sum is an odd number) 30/36 d. P(the two dice show same numbers) ? Can you check my
 asked by Keonn'a
 2,518 views

Expected Value
A bag contains 2 gold marbles, 7 silver marbles, and 23 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $4. If it is silver, you win $2. If it is black, you lose $1. What is your expected
 asked by tatiana
 9,847 views

math
A bag contains 2 gold marbles, 6 silver marbles, and 23 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $4. If it is silver, you win $2. If it is black, you lose $1. What is your expected
 asked by Ralph J. Bianchi
 1,769 views

ET
Unit 6 Lesson 7 1. Which of the following is a risk specific to online gaming? chatting with people you don't know** roleplaying personal power community building' 2. Which of the following is an inappropriate screen name? KimberlyHosking2002**
 asked by Anonymous
 15,606 views

Language
While many students become involved in sports simply because they love the game, organized team sports offer several significant benefits. Teamwork Organized team sports are centered around multiple students participating at the same time. Everyone is
 asked by Can you like answer
 2,770 views

Please i needd an answer asap!!!
I give medals and 'best answer' :) I need help asap! Which of the following is one way to assess whether or not a learning game is effective? a. Being able to win the game b. doing a quiz before and after the game to see what you have learned c. Making it
 asked by Lindsey
 24,494 views

Expected Value
A bag contains 1 gold marbles, 10 silver marbles, and 29 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $4. If it is silver, you win $2. If it is black, you lose $1. What is your
 asked by tatiana
 5,362 views

Ed tech
While many students become involved in sports simply because they love the game, organized team sports offer several significant benefits. Teamwork Organized team sports are centered around multiple students participating at the same time. Everyone is
 asked by Cat
 1,080 views

Further mathf
In a senior secondary school, 80 students play hockey or football. The number that play football is 5 more than twice the number that play hockey. If the 15 students play both games and every student in the school playsat least one game, find: The number
 asked by Anonymous
 5,233 views

Math
If two fair dice are rolled, find the probability that the sum of the dice is 6, given that the sum is greater than 3.
 asked by Joshua
 2,672 views

Probability
When two fair sixsided dice are rolled, there are 36 possible outcomes. Find the probability that either doubles are rolled or the sum of the two dice is 8.
 asked by Jessica
 3,693 views

probability
a game has players roll either one or two standard dice. which is the total number of possible different outcomes
 asked by william
 706 views

Marketing
Which of the following best represents an example of how a professional athlete becomes an effective leader in the local community? A: Playing in an allstar game B: Becoming a mentor to students C: Signing a longterm contract D: Talking about his play on
 asked by LokiLaufeyson
 883 views

Math
You are given 9 to 1 odds against rolling a sum of 8 with the roll of two fair dice, meaning you win $9 if you succeed and you lose $1 if you fail. Find the expected value (to you) of the game.
 asked by Alisha
 2,836 views

Technology
Which of the following is one way to assess whether or not a learning game is effective? A.Being able to win the game B.Doing the quiz before and after the game to see what you have learned.*** C.Making it difficult to win the game D.Simulating winning
 asked by Shay
 5,417 views

math
How to solve this??? The attendance at the game on two successive nights of Oakland A's baseball was 77,000. The attendance on Thursday's game was 7000 more than two thirds of the attendance at Friday nights game. How many people attended the baseball game
 asked by Sean charles
 1,371 views

Math
Two 4sided dice are rolled and the sum is recorded. Determine the theoretical probability of rolling a sum of 6. Hint: You may want to create a dice chart for the sum of two 4sided die. a. 3/16 b. 6/16 c. 2/16 d. 4/16
 asked by Cinar
 1,128 views

statitics
you are going to play two games the probability you win the first game is 0.60 if you win the first game the probability you will win the second game is 0.75 if you lose the first game the probability you win the second game is 0.55. what is the
 asked by bernie
 1,833 views

internet saftey
Unit 6 Lesson 7 1. Which of the following is a risk specific to online gaming? chatting with people you don't know** roleplaying personal power community building' 2. Which of the following is an inappropriate screen name? KimberlyHosking2002**
 asked by nathaniel
 766 views

Math
the probability of winning a game is 25%. how many times should you expect to win if you play 20 times.
 asked by Maria
 3,436 views
Still need help?
You can ask a new question or browse existing questions.