SOLUTION: Could you please help me solve this problem? ' At this years state fair, there was a dice rolling game. If you rolled two dice and got a sum of 2 or 12, you won $20. If you rolled

Question 602144: Could you please help me solve this problem?
' At this years state fair, there was a dice rolling game. If you rolled two dice and got a sum of 2 or 12, you won $20. If you rolled a 7, you won $5. Any other roll was a loss. If the cost is $3 to play one game with one roll of the dice. What is the expectation of the game? '
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
At this years state fair, there was a dice rolling game. If you rolled two dice and got a sum of 2 or 12, you won $20. If you rolled a 7, you won $5. Any other roll was a loss. If the cost is $3 to play one game with one roll of the dice. What is the expectation of the game? '
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Random winning values:..........17.....2.....-3
Corresponding Probabilities:....2/36...6/36...28/36
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Multiply each "winning value" by its probability; then add the products
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E(x) = [2*17 + 6*2 - 28*3]/36
E(x) = [34 + 12 - 84]/36
E(x) = -38/36
E(x) = -$1.06
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You can expect to lose $1.06 each time you play the game.
Cheers,
Stan H.
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