Whats the length of board “a” “b” “c” and “d”? How many boards length of “a” “b” “c” and “d”?

How many boards length 20 do you need?

How many boards length 12 do you need?

What is the total length of boards that you need?

5$

Step-by-step explanation:

1) The only way Miguel wins the 2 dollars is if he pulls the two chips with the number 1. There are four chips in total, so his probability of winning is:

2/4 * 1/3 = 1/6

The odds of losing a dollar is the compliment of this number, so 5/6.

2) Expected Value = (1/6)2 + (5/6)(-1) = -1/2

Miguel's expected loss is $-1/2 dollars each time he plays, although since this isn't actually a number he can lose, he should expect to lose a dollar each time he plays, which has a 5/6 chance of happening.

3) Let's set the expected value equal to zero, which implies a fair game, and Miguel' payout equal to X:

0 = (1/6)(x) + (5/6)(-1)          Add 5/6 to both sides

5/6 = 1/6 (x)                         Multiply both sides by 6

30/6 = x

x = 5

The payout should be $5 in order to make the game fair.