Suppose you pay $0.30 to roll a fair 9-sided die with the understanding that you will get $0.70 back for rolling a 1, 2, or 3. Otherwise, you get no money back. What is your expected value of gain or loss?
Answers:
P(x=1,2 or3)=3/9=1/3
P(x=4,5,6,7,8 or 9)=5/9
Expected loss=(1/3)*0.70+(5/9)*0-0.30= -0.06666
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