Question

Suppose that someone offers you a bet concerning the tossing of a pair of fair dice. If both die turn up the same number, you will win $24. Otherwise you must pay $6 . Your expected winnings would be ________.
A.

$1.00
B.

$6.00
C.

-$1.00
D.

-$6.00

Answer 1

Suppose that someone offers you a bet concerning the tossing of a pair of fair dice. If both die turn up the same number, you will win $24. Otherwise you must pay $6 . Your expected winnings would be ________.
A.

$1.00
B.

$6.00
C.

-$1.00
D.

-$6.00

Answer 2

There are 6 possible doubles out of 36 possible combinations. So, on the average, you will roll a double once every 6 throws and you will win $24. But, again, on the average you will not throw a double 5 out of 6 throws and so will lose $30. Your average win, or rather loss, will be $24 - $30 = - $6 every 6 tosses or an average of - $6 / 6 = - $1 per toss.

Answer 3

Suppose that someone offers you a bet concerning the tossing of a pair of fair dice. If both die turn up the same number, you will win $24. Otherwise you must pay $6 . Your expected winnings would be ________.

A.
-$6.00

B.
$1.00

C.
$6.00

D.
-$1.00