1) What is the expected value of the following gamble? You are to roll a pair of dice. If the dice come up on a natural, 7, or 11, you win 10 dollars. If the dice come up snake-eyes, 2 or box cars, 12, you lose 20 dollars. Otherwise the bet is off.
1) What is the expected value of the following gamble? You are to roll a pair of dice. If the dice come up on a natural, 7, or 11, you win 10 dollars. If the dice come up snake-eyes, 2 or box cars, 12, you lose 20 dollars. Otherwise the bet is off.