SOLUTION: If a player rolls two dice and gets a sum of 2 o2 12, she wins $20. IF the person gets a 7, she wins $5. The cost to play the game is $3. Find the expectation of the game.
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-> SOLUTION: If a player rolls two dice and gets a sum of 2 o2 12, she wins $20. IF the person gets a 7, she wins $5. The cost to play the game is $3. Find the expectation of the game.
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Question 130606This question is from textbook Statistics
: If a player rolls two dice and gets a sum of 2 o2 12, she wins $20. IF the person gets a 7, she wins $5. The cost to play the game is $3. Find the expectation of the game. This question is from textbook Statistics
You can put this solution on YOUR website! If a player rolls two dice and gets a sum of 2 or 12, she wins $20. IF the person gets a 7, she wins $5. The cost to play the game is $3. Find the expectation of the game.
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Prob(2 or 12) = [1/36] + [1/36] = 1/18
Prob(7) = 6/36 = 1/6
Let the random variable be "gain".
The variable values are ...............20............5............-3
The corresponding probabilities are....2/36..........6/36..........26/36
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Expected value = 20(2/36) + 5(6/36) - 3(26/36) = -8/36 = -2/9 = - 22.2 cents
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Cheers,
Stan H.
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