Homework SourseYoure on GO in a monopoly game and its your turn What is you
You\'re on GO in a monopoly game and it\'s your turn. What is your expected profit or loss from the next roll, given the table below?
The answer is -$128.56 but I don\'t know how to get there. Please explain.
| Roll(x) | P(x) | Profit |
|---|---|---|
| 2 | 1/36 | +0 |
| 3 | 2/36 | +15 |
| 4 | 3/36 | 0 |
| 5 | 4/36 | -200 |
| 6 | 5/36 | -350 |
| 7 | 6/36 | +237 |
| 8 | 5/36 | -350 |
| 9 | 4/36 | -450 |
| 10 | 3/36 | 0 |
| 11 | 2/36 | 0 |
| 12 | 1/36 | +20 |
Solution
Consider the table:
Thus, adding up the third column,
E(x) = Sum(x P(x)) = -128.5555556 [ANSWER]
| x | P(x) | x P(x) |
| 0 | 0.027778 | 0 |
| 15 | 0.055556 | 0.833333 |
| 0 | 0.083333 | 0 |
| -200 | 0.111111 | -22.2222 |
| -350 | 0.138889 | -48.6111 |
| 237 | 0.166667 | 39.5 |
| -350 | 0.138889 | -48.6111 |
| -450 | 0.111111 | -50 |
| 0 | 0.083333 | 0 |
| 0 | 0.055556 | 0 |
| 20 | 0.027778 | 0.555556 |
