Statistics questions

label Statistics
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Mar 11th, 2015

Conditions when you get sum 7 on two dice = (1,6);(2,5);(3,4);(4,3);(5,2);(6,1) 

total 6 cases out of 6*6=36 cases have sum 7

Probability of getting sum 7 = 6/36 = 1/6 = 0.167

Expected win = 0.167*$37 = $6.179

Expected loss = 0.833*$49 = $40.817

Expected value of proposition = $6.179-$40.817 = -$34.638


Mar 11th, 2015

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Mar 11th, 2015
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