--mean variance standard deviation and expectation

Description

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Question

a person pays $2 to play a certain game by rolling a single die once. if a 1 or 2 comes up, the person wins nothing. if however the player rolls a 3, 4, 5 or 6 the player wins the difference between the number rolled and $2. Find the expectation for the game. Is it fair? May 06 2012 05:33 PM

 

Solution ID:609133 | This paper was updated on 26-Nov-2015

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