document.write( "Question 102626: Here is my probability question...In a dice game, you will roll three dice: a red one, a green one, and a blue one. You will win , in dollars, 3 times the number on the red die, plus 2 times the number on the green die, minus the number on the blue die. What are the expected value and standard deviation of your winnings? What would be a fair price to pay to play this game? \n" ); document.write( "

Algebra.Com's Answer #74652 by stanbon(75887) $\"\"$ $\"About$

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In a dice game, you will roll three dice: a red one, a green one, and a blue one. You will win , in dollars, 3 times the number on the red die, plus 2 times the number on the green die, minus the number on the blue die. What are the expected value and standard deviation of your winnings? What would be a fair price to pay to play this game?
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\n" ); document.write( "There are 6^3 = 216 possible outcomes for each roll of the dice.
\n" ); document.write( "You would have to list all 216 and the pay off for each. Some of
\n" ); document.write( "the payoffs will be the same for different combinations of red,green,
\n" ); document.write( "and blue. You have figure the probability of each payoff amount;multiply
\n" ); document.write( "the payoff by the probability; and add the results. That would be the
\n" ); document.write( "expected winnings for the game. Whatever that is is what you should
\n" ); document.write( "pay to play the game.
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\n" ); document.write( "Cheers,
\n" ); document.write( "Stan H. \n" ); document.write( "

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