SOLUTION: Suppose I am rolling 2 dice. If the total of the roll comes out to an odd number I must pay $1.00. If the total is 7 or 11 I am paid $5.00. What is the expected value of the game?

Question 299734: Suppose I am rolling 2 dice. If the total of the roll comes out to an odd number I must pay $1.00. If the total is 7 or 11 I am paid $5.00. What is the expected value of the game?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Suppose I am rolling 2 dice. If the total of the roll comes out to an odd number I must pay $1.00.
If the total is 7 or 11 I am paid $5.00.
What is the expected value of the game?
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Let x be the random number of "winnings".
x = +1, Or +5
P(x) = 1/2 , Or 6/36+ 2/36 = 8/36 = 2/9
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E(x) = (1/2)1 + (2/9)5
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= (1/2) + 10/9
= 29/18 = $1.61
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Cheers,
Stan H.
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