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23 May, 19:03

You play a gambling game with a friend in which you roll a die. If a 1 or 2 comes up, you win $8. Otherwise you lose $2. What is your expected value for this game?

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  1. 23 May, 21:59
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    you expect to win on average $1.33 per round

    Step-by-step explanation:

    The expected value is the sum of products of probability and value:

    2/6*$8 + 4/6 * (-$2) = $8/3 - 4/3 = $4/3 ≈ $1.33
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