You are on a TV show. You have been asked to either play a dice game...

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You are on a TV show. You have been asked to either play a dice game...

You are on a TV show. You have been asked to either play a dice game five times or accept a $50 bill. The dice game works like this:

• If you roll a 1, 2, or 3, you win $45.
• If you roll a 4 or 5, you lose $20.
• If you roll a 6 you lose $70.

Should you play the game? Use expected values and decision theory to justify your answer.

Yes, you should play because the expected value is positive.Yes, you should play because the expected value is more than $50. No, you should not play because the expected value is negative.No, you should not play because the expected value is less than $50.

math Statistics-And-Probability

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Answer 1

Answer #1

Yes, you should play the game because the expected value is positive.

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