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

Question

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 $21. If you roll a 6, you lose $89.

Find the EV = $ 

Answer 1

roll dice 5 times

roll a 6 lose $89

roll 4 or 5 lose $21

roll 1,2 or 3, win $45

EV= (1/2)45 - (1/3(21) - (1/6)89 =22.5-7-14.8333... all times 5

= 15.5- 14.8333... times 5

= $0.6666= 67 cents rounded to nearest cent x 5

=$3.33

take the $50, rolling dice gets you far less