Expected Value
You roll a fair six-sided die repeatedly until a value other than 6 appears, and you are paid the number shown on that last roll. What is the fair value of this game, i.e. the expected payoff?
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You roll a fair six-sided die repeatedly until a value other than 6 appears, and you are paid the number shown on that last roll. What is the fair value of this game, i.e. the expected payoff?
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