Question

In: Statistics and Probability

Throw two dice. If the sum of the two dice is 6 or more, you win...

Throw two dice. If the sum of the two dice is 6 or more, you win $43. If not, you pay me $117

.

Step 2 of 2 :

If you played this game 907

times how much would you expect to win or lose? Round your answer to two decimal places. Losses must be entered as negative.

Solutions

Expert Solution

Solution: The sample space associated with the given random experiment is:

The events associated with sum of the two dice 6 or more is:

Now the probability of winning (getting sum of the two dice 6 or more) is

And the probability of loosing (getting sum of the two dice less than 6) is

Now the expected value of the game is:

Therefore, we expect to lose on every game we play.

If you played this game 907 times how much would you expect to win or lose?

Answer: If we play this game 907 times, we would expect to loose

Therefore the we would expect to lose


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