Question

If a gambler rolls two dice and gets a sum of 8, he wins $10, and...

If a gambler rolls two dice and gets a sum of 8, he wins $10, and if he gets a sum of 2, he wins $50. The cost to play the game is $5. What is the expectation of this game?

Math   Statistics-And-Probability   
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Answer #1

Number of ways in which the sum will be 8 are

i) (2,6) , (3,5), (4,4) , (5,3) and (6,2)

Total number of possibilities = 6*6 = 36

The probability that the sum will be 8

= 5/36

Number of ways in which the sum will be 2 is

i) (1,1)

The probability that the sum will be 1

= 1/36

The expectation of the game is

Hence, the expectation of the game is $2.78.

The expected payoff of the game is = $5 - $2.78 = -$2.22

Thank You!! Please Upvote!!

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