Thread: Money problem
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Old January 11th, 2009, 11:57 PM
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Originally Posted by Bradley55 View Post
so we know the expected value is -12.27

i got 3.86 for how much the game should cost for the game to be fair.

right?

i did (10/22)(x-1)+(5/22)(x-2)... so on and plugged that equation into y1. and x into y2, the intersected at 3.86,3.86
No.

For the game to be fair you require the expected value of the money you win to be zero.

Let the cost per game be C. Then you require 0 = 7.73 - C.
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