Fair or Foul • Find the expected value for each of the following games.
• Determine if each game is a fair game.
If the game is not fair, find the fair price of the game.
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1. Dice
You roll a red 4-sided die and a blue 4-sided die. If the blue die's roll is higher you
gain 6 points. If the red die's roll is higher you lose 2 points (the cost to play). If
the two dice rolls tie you lose 1 point.
2. Cards
You draw a card at random from a standard deck of 52 cards. If you draw an Ace
and a Heart you win $27. If you draw a King or a Diamond you win $6. Otherwise
you lose $5 (the cost to play).