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Eleven people have eleven different favorite numbers from 2 to 12. They all agree to participate in a 10,000-roll dice game where they bet $1 on their favorite number for each roll of two standard (fair) dice. A donor kicks in an extra dollar every round, so the payoff if your number comes up is $12.
a. Assuming everyone bets on all 10,000 rounds, what is the expected value for a person who has number 7? (Show your calculations.)
b. Assuming everyone bets on all 10,000 rounds, what is the expected value for a person who has number 2? (Show your calculations.)
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