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Math Help - Hello

  1. #1
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    Hello

    Hello Everyone!!!
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  2. #2
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    Analyzing Random Variables Expected Values

    Would anyone be able to guide me in the right direction for this problem?
    Consider the following game: Two fair dice are rolled. If the sum is 7, you win $ 10. If the sum is 11, you lost $ 20. What is the expected payoff for this game? (Round to the nearest penny.)


    The expected payoff:
    Last edited by Andi963258741; December 3rd 2013 at 09:12 PM.
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  3. #3
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    Re: Analyzing Random Variables Expected Values

    Quote Originally Posted by Andi963258741 View Post
    Would anyone be able to guide me in the right direction for this problem?
    Consider the following game: Two fair dice are rolled. If the sum is 7, you win $ 10. If the sum is 11, you lost $ 20. What is the expected payoff for this game? (Round to the nearest penny.)


    The expected payoff:
    This is simply Pr[rolling a 7]*10 - Pr[rolling 11]*20

    Any particular dice roll has Pr=1/36, assuming 6 sided dice

    you can roll a 7 via 1,6 2,5 3,4 4,3 5,2 6,1 so the overall Pr[7] = 6/36 = 1/6

    you can roll an 11 via 5,6 6,5 so the overall Pr[11] = 2/36 = 1/18

    E = 1/6*10 - 1/18*20 = 10/6 - 20/18 = 10/18 = 5/9 ~ 56 cents
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