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A Die (Singular of Dice) Has Six Sides

question 23

Short Answer

A die (singular of dice) has six sides. What is the probability of rolling a 3?


Definitions:

Net Present Value

Net Present Value is a financial metric that calculates the difference between the present value of cash inflows and the present value of cash outflows over a period of time.

Expected Value

The long-term average or mean of a random variable or a probability distribution.

Perfect Information

A scenario in which all relevant economic information is known to all participants at the same time.

Expected Payoff

The predicted value or outcome of a gamble or decision that takes into account all possible outcomes, weighted by their respective probabilities.

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