SOLUTION: Suppose it costs $50 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? (1) yes or no because the expected value of th

Algebra ->  Probability-and-statistics -> SOLUTION: Suppose it costs $50 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? (1) yes or no because the expected value of th      Log On


   

Question 1161762: Suppose it costs $50 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? (1) yes or no because the expected value of the game (without considering the cost) is $____ (Round to the nearest cent as needed.
The formula is: If, in an experiment, the possible outcomes are numbers a1, a2,..., an respectively, then the expected value (mathematical expectation) E is given by the following equation. E = a1 * p1 + a2 * p2 + a3 * p3 +... + an* pn (tutor: the asterisk symbol * means multiply. The 1 and 2 and 3 and n are suppose to be written lower as in a subscript.
Answer by greenestamps(13203) About Me  (Show Source):
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The statistical average on rolling a single die is 3.5, so the average sum with a pair of dice is 7. So the expected value of the game is 7 times $7, or $49. Since the cost to play the game is $50, it is not a fair game.