Computing probabilities of a dice game

Reference no: EM13117925

Calculating probabilities of a dice game

Suppose someone gives you 9 to 2 odds that you cannot roll two even numbers with the roll of two fair dice. This means you win $9.00 if you succeed and you lose $2.00 if you fail. What is the expected value of this game to you? Should you expect to win or loose the expected value in the first game? What can you expect if you play 100 times? Explain (a table will be helpful in finding the required probabilities).

1 2 3 4 5 6
1 1+1=2 1+2=3 1+3=4 1+4=5 1+5=6 1+6=7
2 2+1=3 2+2=4 2+3=5 2+4=6 2+5=7 2+6=8
3 3+1=4 3+2=5 3+3=6 3+4=7 3+5=8 3+6=9
4 4+1=5 4+2=6 4+3=7 4+4=8 4+5=9 4+6=10
5 5+1=6 5+2=7 5+3=8 5+4=9 5+5=10 5+7=11
6 6+1=7 6+2=8 6+3=9 6+4=10 6+5=11 6+6=12

A- What is the expected value of this game to you? $___
Should you expect to win (or lose) the expected value in the first game? Yes or No

B- What can you expect if you play 100 times ? $____

C- Explain this result- averaged over 100 games, you should expect to (win or lose) $___

Reference no: EM13117925

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