A pair of fair dice are rolled once. Suppose that you lose $7 if the dice...

A pair of fair dice are rolled once. Suppose that you lose $7 if the dice sum to 3 and win $12 if the dice sum to 4 or 12. How much should you win or lose if any other sum turns up in order for the game to be fair.

I got a negative answer and im not sure thats correct.

Expert Solution

milcah answered 2 years ago

In the carnival game Under-or-Over-Seven, a pair of fair dice is rolled once, and the resulting...

In the carnival game Under-or-Over-Seven, a pair of fair dice is rolled once, and the resulting sum determines whether the player wins or loses his or her bet. For example, using method one, the player can bet $2.00 that the sum will be under 7, that is, 2, 3, 4, 5, or 6. For this bet, the player wins $2.00 if the result is under 7 and loses $2.00 if the outcome equals or is greater than 7. Similarly, using...

In the carnival game Under-or-Over-Seven, a pair of fair dice is rolled once, and the resulting...

In the carnival game Under-or-Over-Seven, a pair of fair dice is rolled once, and the resulting sum determines whether the player wins or loses his or her bet. For example, the player can bet $1 that the sum will be under 7—that is, 2, 3, 4, 5, or 6. For this bet, the player wins $1 if the result is under 7 and loses $1 if the outcome equals or is greater than 7. Similarly, the player can bet $1...

A gambler plays a dice game where a pair of fair dice are rolled one time...

A gambler plays a dice game where a pair of fair dice are rolled one time and the sum is recorded. The gambler will continue to place $2 bets that the sum is 6, 7, 8, or 9 until she has won 7 of these bets. That is, each time the dice are rolled, she wins $2 if the sum is 6, 7, 8, or 9 and she loses $2 each time the sum is not 6, 7, 8, or...

A pair of fair dice is rolled. Find the expected value of the (a) Smaller (b)...

A pair of fair dice is rolled. Find the expected value of the (a) Smaller (b) Larger of the two upturned faces. (If both dice show the same number, then take this to be the value of both the smaller and the larger of the upturned faces.)

suppose you rolled a pair of dice. what is the probability of not getting a sum...

suppose you rolled a pair of dice. what is the probability of not getting a sum of 7 or 8?

Two fair dice are rolled at once. Let x denote the difference in the number of...

Two fair dice are rolled at once. Let x denote the difference in the number of dots that appear on the top faces of the two dice. For example, if a 1 and a 5 are rolled, the difference is 5−1=4, so x=4. If two sixes are rolled, 6−6=0, so x=0. Construct the probability distribution for x. Arrange x in increasing order and write the probabilities P(x) as simplified fractions.

A pair of dice is rolled and the sum of the dice is recorded, determine the...

A pair of dice is rolled and the sum of the dice is recorded, determine the probability that: a) The sum is greater than 5 given the first dice is a 4. b) The sum is greater than 9 given the second dice is a 6. c)The sum is even given the second dice is a 4 d) The sum is odd given the first dice is a 3 e) A double is rolled given neither dice is a 4...

A pair of dice are rolled. Let A be the event as “the first dice roll...

A pair of dice are rolled. Let A be the event as “the first dice roll is 3” and event B as “the second dice roll is 4”. Let event C be as “the sum of the dice rolls are 7.” a) Show that A and B are independent, that A and C are independent, and that B and C are independent. b) Show that A, B, and C are not mutually independent.

1. Suppose that two fair dice are rolled. Find the probability that the number on the...

1. Suppose that two fair dice are rolled. Find the probability that the number on the first die is a 6 or the number on the second die is a 2.

two fair dice are each rolled once. Let X denote the absolute value of the difference...

two fair dice are each rolled once. Let X denote the absolute value of the difference between the two numbers that appear. List all possible values of X Find the probability distribution of X. Find the probabilities P(2<X<5) and P(2£X<5). Find the expected value mand standard deviation of X.

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A pair of fair dice are rolled once. Suppose that you lose $7 if the dice...

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In the carnival game Under-or-Over-Seven, a pair of fair dice is rolled once, and the resulting...

In the carnival game Under-or-Over-Seven, a pair of fair dice is rolled once, and the resulting...

A gambler plays a dice game where a pair of fair dice are rolled one time...

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