Question

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.

Answer 1

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