Math Problem Statement
What is the Expected Value of Game 2 (dice) assuming you play all $100 on Game 2?Game two is dice. Each play costs $1. The dice has the numbers 1-6 and you are equally likely to land on each number. If you roll a 1, you win $0.3. If you roll a 2, you win $0.5. If you roll a 3, you win $0.7. If you roll a 4, you win $0.9. If you roll a 5, you win $1.10. If you roll a 6, you win $1.3.
Solution
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Math Problem Analysis
Mathematical Concepts
Probability
Expected Value
Formulas
Expected Value (EV) = Σ (probability of outcome) × (value of outcome)
Probability of each dice roll = 1/6
Theorems
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Suitable Grade Level
Grades 9-12