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If a gambler rolls two diceand gets a sum of 10 he wins 10 dollars and if he gets a sum of 3 he wins 20 dollars The cost to play is 5 dollars What is the expected value of the game?
Wiki User
∙ 12y ago
P(rolls a ten)=3/36=1/12
P(rolls a three)=2/36=1/18
[I am going to assume that if he rolls a ten or three, he also gets his five dollars back, in addition to the winnings.]
Expected value=(1/12)*10+(1/18)*20-(31/36)*5=-85/36, or approximately -2.36
If he doesn't get his five dollars back when he wins,
Expected value=(1/12)*10+(1/18)*20-5=-110/36, or approximately -3.055
[I actually just had this on my statistics final.
I got this one wrong still don't know the answer, but the answer you have isn't one of the possible answers I had.... Maybe -2.78?]
Wiki User
∙ 12y ago
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