In this case, we'll have to carry out several steps to find the solution.
Step 01:
Data:
Die:
$9 ===> 6
$3 ===> 5
$1 ===> 4
expected winnings = ?
Step 02:
Expected winnings
probability (6) = favorable outcomes / total outcomes
= 1/6
probability (5) = 1/6
probability (4) = 1/6
[tex]E\text{ (die winnings) = \$9}\cdot\frac{1}{6}+\text{ \$3 }\cdot\frac{1}{6}\text{ + \$1 }\cdot\text{ }\frac{1}{6}[/tex]E (die winnings) = $13 / 6 = $2.17
The answer is:
The expected winnings are $2.17
