00:01
So this question we are looking at a certain game that consists of rolling a die, a single fair die.
00:05
So when you are looking at a single fair die, we are looking at the possible outcomes as 1, 2, 3, 4, 5 and 6 possible outcomes because it's a single fair die.
00:21
So they're saying that if a 4 or a 5 comes up, so if you have a probability of 4 or a probability of 5, then you would get, then that would lead to a win.
00:37
Otherwise, so the other probabilities, probability 1, probability 2, probability 3, that would lead and probability 6 as well, probability 6, that would lead to a loss.
00:51
So these are the win probabilities and this is the loss probability.
00:55
So in the first instance, there are two questions that have been asked.
00:59
The first question is find the expected winnings.
01:01
So we'll talk about that.
01:02
The second question is, is this a fair game? it is actually not a fair game.
01:07
That's because the loss probability is greater than the win probability.
01:13
Let's look at the, let's look at the actual value of it.
01:16
So if you get a p of 4 or a p of 5, it would mean that you have, there's 1 by 6 of p of 4 plus 1 by 6 of p of 5.
01:29
So that would mean 2 by 6.
01:32
So you get a 2 by 6 chance if you get a p of 4 or 5, whereas if you have probability of 1, 2, 3 and then 6, then it would mean that there are 4, then it would essentially be, it will be 4 by 6.
01:48
So the probability of losing is greater than the probability of winning.
01:54
So it is not a fair game.
01:55
The reason it's not a fair game is because the, for a fair game, you should have the winning probability to be the same as the losing probability...