Ask a New Question

Question

Bill and Fred are betting on the outcome when two fair dice are rolled. If the dice sum is any even number, other than 8, Bill pays Fred $8. If the dice sum is 8, Bill pays Fred $1. If the dice sum is odd, Fred pays Bill $2. What is Fred's expected payoff for this game?
11 years ago

Answers

Steve
P(even,~8) = P(2,4,6,10,12)
= 1/36 + 3/36 + 5/36 + 3/36 + 1/36 = 13/36
P(8) = 5/36
P(odd) = 1-(13/36 + 5/36) = 1/2

So, Fred gets 8*13/36 + 1*5/36 - 2*1/2 = 73/36, or about $2
11 years ago

Related Questions

Babe Ruth's lifetime betting averge was .343. In three times at bat, what is the prbability of the f... When Mr. Lucky starts betting, he has 3 dollars. On any bet, he 7. wins with probability 1/3 and los... What are the best betting app? Best predict betting app What is the best way of betting on bola bet Zambia? Is online football betting real or owners of the betting companies manipulate results? Why is it tha... Bill and Jenna read books. Bill has read 10 books and reads 5 more each week. Jenna has read 5 books... Bill and Jenna read books. Bill has read 10 books and reads 5 more each week. Jenna has read 5 books... Bill and Jenna read books. Bill has read 10 books and reads 5 more each week. Jenna has read 5 books... Bill and Jenna read books. Bill has read 10 books and reads 5 more each week. Jenna has read 5 books...
Ask a New Question
Archives Contact Us Privacy Policy Terms of Use