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Consider the game of rolling a fair die, and winning the face value if it is 1, 2, 3, 4, or 5, and losing $14
Consider the game of rolling a fair die, and winning the face value if it is 1, 2, 3, 4, or 5, and losing $14 if it rolls 6.
Simulate this in Excel. One way would be to write "=trunc(rand()*6)+1" in A1, and write "=IF( A1=6 , -14, A1)" in B1 (i.e. if A1 is 6, value is -14, else, value is whatever A1 is).
Copy the above row to five thousand rows below. Find the average of the value in the second column.
Enter the value of the average, to two decimal places.
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