In a certain game it is possible to win either 1,2,3,4, or 5 dollars. The probability...

In a certain game it is possible to win either 1,2,3,4, or 5 dollars. The probability of winning d dollars is proportional to 1/d.

(a) What is the probability of winning d dollars (d ∈{1,2,3,4,5})?

(b) Would you play this game for $4? What about for $3? Hint. You must calculate the expected value for this problem!

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orchestra answered 1 year ago

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