Reference no: EM131319359

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.