Need economics help with to play using a dice
You are invited to participate in the following game, which is played with one die. Assume the die to be fair.
The rules are as follow: Investment is 100 THB. If you roll a 1,2,3 or 4 you lose your investment. If you roll a 5, i will pay you 150 THB. If you roll a 6, I will pay you 500 THB.
Should you participate in this game? Why/why not?
Hint: Use the expected value to determine whether or not this is a good investment.
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