Consider the following game.
You pay $1.00 and a fair 6-sided die is rolled. If the roll is 1 or 3, then you get your dollar back and the game ends.
- If the roll is 5, you get $2.00 back (your dollar plus an additional dollar) and the game ends.
- If the roll is even, the die is rolled a second time.
- If the second roll is 1 or 3, you get your dollar back and the game ends.
- If the second roll is 5, you pay an additional dollar and the game ends.
- If the second roll is even, the game ends.
Calculate the expected payoff from playing this game.