SOLUTION: Suppose it costs $48 to roll a pair of dice. You get paid $7 times the sum of the numbers that appear on the dice. Is it a fair game?

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Question 1185112: Suppose it costs $48 to roll a pair of dice. You get paid $7 times the sum of the numbers that appear on the dice. Is it a fair game?
Found 3 solutions by ikleyn, greenestamps, robertb:
Answer by ikleyn(52780) About Me  (Show Source):
Answer by greenestamps(13200) About Me  (Show Source):
You can put this solution on YOUR website!


By symmetry, the average of the two numbers that show on the dice is 7, so the average payout is 7 times $7, or $49.

Since it costs $48 to play the game, the game is not fair; it favors the player.

Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!

===> .

Therefore the game is fair for you -- you expect to earn $1 on average if you played the game long enough.