Question

A gambler offers to let you play the following game: he will roll two (fair) dice. If the sum of the two dice is 7, you will lose $9. If the sum of the two dice is 2, you will lose $7. For any other roll, you will win $3. What is the expected value of this gamble?

Name: A gambler offers to let you play the following game: he will roll two (fair) dice. If the sum of the two dice is 7, you will lose 9. If the sum of the two dice is 2, you will lose7. For any other roll, you will win 3. What is the expected value of this gamble?
Uploaded: 2021-11-02T18:45:42-08:00
Duration: 2 min 51 s
Channel: Steven Clarke
Description: A gambler offers to let you play the following game: he will roll two (fair) dice. If the sum of the two dice is 7, you will lose 9. If the sum of the two dice is 2, you will lose7. For any other roll, you will win 3. What is the expected value of this gamble?

          A gambler offers to let you play the following game: he will roll two (fair) dice. If the sum of the two dice is 7, you will lose $9. If the sum of the two dice is 2, you will lose $7. For any other roll, you will win $3. What is the expected value of this gamble?

A gambler offers to let you play the following game: he will roll two (fair) dice. If the sum of the two dice is 7, you will lose 9. If the sum of the two dice is 2, you will lose7. For any other roll, you will win 3. What is the expected value of this gamble?

Added by Matthew S.

Elementary Statistics a Step by Step Approach

Allan G. Bluman 9th Edition

Instant Answer

Solved by Expert Steven Clarke

11/02/2021

Step 1

There are 6 ways to roll a sum of 7 (1+6, 2+5, 3+4, 4+3, 5+2, 6+1) out of a total of 36 possible outcomes when rolling two dice. Show more…

Show all steps

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A gambler offers to let you play the following game: he will roll two (fair) dice. If the sum of the two dice is 7, you will lose $9. If the sum of the two dice is 2, you will lose $7. For any other roll, you will win $3. What is the expected value of this gamble?