SOLUTION: If a gambler rolls two dice and gets a sum of 10, he wins $10, and if he gets a sum of three, he wins $20. The cost to play the game is $5. What is the expected value of this game?
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-> SOLUTION: If a gambler rolls two dice and gets a sum of 10, he wins $10, and if he gets a sum of three, he wins $20. The cost to play the game is $5. What is the expected value of this game?
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Question 626676: If a gambler rolls two dice and gets a sum of 10, he wins $10, and if he gets a sum of three, he wins $20. The cost to play the game is $5. What is the expected value of this game? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! If a gambler rolls two dice and gets a sum of 10, he wins $10, and if he gets a sum of three, he wins $20. The cost to play the game is $5. What is the expected value of this game?
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Random "winning" values::::::: 5 ::::: 15 ::::: -5
Corresponding probabilities::: 3/36::: 2/36:::: 31/36
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Expected "winnings"::: [3*5 + 2*15 -5*31]/36 = -$3.06
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Cheers,
Stan H.
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