Statistics

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 $8. If the sum of the two dice is 2, you will lose $7. For any other roll, you will win $4. What is the expected value of this gamble?

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  1. Prob(7) = 1/6
    Prob(2) = 1/36
    Prob(neither a 7 nor a 2) = 1 - 1/6 - 1/36 = 29/36

    expected value = -(1/6)(8.00) - (1/36)(7.00) + (29/36)(4.00)
    = .....

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