Consider the game of rolling a fair die, and winning the face value if it is...

Consider the game of rolling a fair die, and winning the face value if it is 1, 2, 3, 4, or 5, and losing $14 if it rolls 6.

Simulate this in Excel. One way would be to write "=trunc(rand()*6)+1" in A1, and write "=IF( A1=6 , -14, A1)" in B1 (i.e. if A1 is 6, value is -14, else, value is whatever A1 is).

Copy the above row to five thousand rows below. Find the average of the value in the second column.

Enter the value of the average, to two decimal places.

Solutions

Expert Solution

Below is the formula and values in excel format:

Same formula needs to be taken till 5000 rows

Values are below:

For me, the random average is 0.21 But it would be different for every one since these are the random numbers.

Thanks

jeff jeffy answered 1 year ago

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