Does a bounced visitor count as a pageview?

Is Pages/Visit including the bounce rate?

Let's assume 100 visitors come to site X:

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Bounce rate: 50%

Pages/Visit: 3

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Does that mean that I have 50 visitors who only visit one page and 50 visitors who visit 5 pages?

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Or does the pages per visit metric disregard the people that bounced after only viewing one page. Thus meaning that I have 50 people who bounced after 1 page and 50 people who looked at 3 pages.

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Thank you - obvious noobie here :)