CAT 1991 Question Paper Question 28
Question 28
A player rolls a die and receives the same number of rupees as the number of dots on the face that turns up. What should the player pay for each roll if he wants to make a profit of one rupee per throw of the die in the long run?
Solution
The expected money got by the player = 1*1/6 + 2*1/6 + 3*1/6 + 4*1/6 + 5*1/6 + 6*1/6 = 21/6 = Rs 3.5
So, the player has to pay 3.5 - 1 = Rs 2.5 to get a profit of Re 1 in the long run.
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