A game is played using three 6-sided dice. You throw these dice one time and if the dice all show the same number ( triples), you win $ 40.00 . For this game to be “fair”, how much should a person pay to play this game ?

Question

A game is played using three 6-sided dice.  You throw these dice one time and if the dice all show the same number ( triples), you win  $ 40.00 .  For this game to be “fair”, how much should a person pay to play this game ?

Damon · Answer

well lets figure out probability of all ones, then multiply by 6

1/6 * 1/6 * 1/6 = 1/6^3

now probability of three of any old number is
6/6^3 = 1/36

40/36 = $1.11111 but long term the house should come out ahead :)
so
$1.12