SOLUTION: Suppose it costs​ $22 to roll a pair of dice. You get paid 3 dollars times the sum of the numbers that appear on the dice. What is the expected payoff of the​ game? Is
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Question 1100838: Suppose it costs $22 to roll a pair of dice. You get paid 3 dollars times the sum of the numbers that appear on the dice. What is the expected payoff of the game? Is it a fair game? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Suppose it costs $22 to roll a pair of dice. You get paid 3 dollars times the sum of the numbers that appear on the dice. What is the expected payoff of the game? Is it a fair game?
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Random payof #'s:3*2...3*3...3*4...3*5...3*6...3*7...3*8...3*9...3*10...3*11..3*12
Matching prob::::1/36..2/36..3/36..4/36..5/36..6/36..5/36..4/36..3/36..2/36...1/36
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Expected value:: [6+18+36+60+90+126+120+108+90+66+36]/36 - 22 = -1
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You can expect to loose $1.00 on each roll.
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The game is not fair.
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Cheers,
Stan H.
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