Subject: Expected Value
Hi! I was wandering if you can hlep explain the expected value to this problem. I am aware how to do expected value but i come to blank with this problem.
A game consists of rolling a single fair die. If a number great than 4 is rolled you win the number of dollars showing on the die. If any other number is rolled, you receive $1.00. What is the expected value of this game?
Number rolled 1 2 3 4 5 6 _____________________________________ Profit 1 1 1 1 5 6 _____________________________________ Probability 1/6 1/6 1/6 1/6 1/6 1/6
By the definition of expected value