Homework Help: Math 157

Posted by Moonpie_17 on Thursday, April 1, 2010 at 10:47am.

The game of dots is played by rolling a fair die and
receiving $1 for each dot showing on the top face of the
die. What cost should be set for each roll if the game is
to be considered a fair game?

Math 157 - drwls, Thursday, April 1, 2010 at 11:03am
The average payoff will be
(1/6)(1+2+3+4+5+6) = 21/6 of the bet.
The breakeven "fair" price for a roll should be $3.50.

Since the "house" will want to retain an advantage, they might charge $4 per roll.

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