Warm Up: EV Review

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Warm Up: EV Review Find the expected value for the game: Fee to play: $5 Event: Roll a die. Five is the grand prize winner of $50. IF you roll an even number you win $5. Anything else you lose. Is this a fair bet? If not, what should be the fee to make it a fair bet?

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Warm Up: EV Review. Find the expected value for the game: Fee to play: $5 Event: Roll a die. Five is the grand prize winner of $50. IF you roll an even number you win $5. Anything else you lose. Is this a fair bet? If not, what should be the fee to make it a fair bet?. - PowerPoint PPT Presentation

Transcript of Warm Up: EV Review

Page 1: Warm Up: EV Review

Warm Up: EV ReviewFind the expected value for the game:Fee to play: $5Event: Roll a die.Five is the grand prize winner of $50.IF you roll an even number you win $5.Anything else you lose.Is this a fair bet? If not, what should be the fee to make it a fair bet?

Page 2: Warm Up: EV Review

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