Consider the following game: Roll a fair 6-sided die. You win if the result is greater than 4; otherwise, you lose. To play, you must pay $4. If you win, you get $8; if you lose, the $4 fee is forfeited. What is the expected value for the amount gained/lost

-$1.33 or lose $1.33

Step-by-step explanation:

In this game, there are two possible outcomes.

- There is a 2 in 6 chance (rolling a 5 or a 6) that you win $8.

- There is a 4 in 6 chance (rolling a 1, 2, 3 or a 4) that you win nothing.

Note that for any outcome, you start off paying $4 to play.

The expected value of this game is:

You are expected to lose $1.33 per play.

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step-by-step explanation:

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