Roll the Die: Win \$10 or Lose \$2?

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The discussion centers on a probability game involving a balanced six-sided die, where players pay $2 to potentially win $10 by rolling a one. The two outcomes are winning $10 with a probability of 1/6 and losing $2 with a probability of 5/6. The expected value of playing this game can be calculated by multiplying the outcomes by their respective probabilities, leading to a definitive conclusion on whether the game is worth playing.

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  • Familiarity with expected value calculations
  • Knowledge of balanced die mechanics
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lilly2
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someone help me understand these questions please:
1) Would you pay \$ 2 to play this game? if you throw a one on a balanced die, you receive \$10, otherwise you lose you \$2.
a) what are the two possibilities for this game?
b) what are the corresponding probabilities associated with these possibilites? and would you pay 2 dollars to play this game?
 
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lilly said:
someone help me understand these questions please:
1) Would you pay \$ 2 to play this game? if you throw a one on a balanced die, you receive \$10, otherwise you lose you \$2.
a) what are the two possibilities for this game?
b) what are the corresponding probabilities associated with these possibilites? and would you pay 2 dollars to play this game?

Welcome to MHB lilly! :)

The two possibilities are that either you win \$10 or you lose \$2.

A balanced die is a die with 6 sides that each have the same probability of coming up.
So the probability on a one is 1/6.

How much do you think you would earn if you play this game?
This is called "expected value".
To find it you need to multiply the probabilities with the outcomes and add them up.
What do you think it is?
 

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