Answered>Order 2016

You are playing a game in which a single die is rolled. Calculate your expected value for each game and then explain if the game is fair, (assume there is no cost to play the game).

A. If an odd number comes up, you win the number of dollars showing on the die. If an even number comes up, you lose the number of dollars showing on the die.

B. You are playing a game in which a single die is rolled. If a four or five comes up, you win $2; otherwise, you lose $1.

It costs $2 to buy a raffle ticket. If there are 500 tickets sold, and there is one first prize of $250, three second prized of $100, and five third prizes of $50, what is the expected value of this raffle