SUMMARY
The expected value calculation for the dice game involving two dice reveals that players can expect to lose approximately $1.67 per game. The game structure awards $5 for rolling a 2, 3, 4, 10, 11, or 12, while it penalizes players with a $5 loss for rolling a 5, 6, 7, 8, or 9. The completed probability table shows the net gain/loss and the product of net gain/loss and probability for each possible outcome, leading to the final expected value of -$5/3.
PREREQUISITES
- Understanding of basic probability concepts
- Familiarity with expected value calculations
- Ability to construct and interpret probability tables
- Knowledge of dice game mechanics
NEXT STEPS
- Study advanced probability theory, focusing on expected value in games of chance
- Learn about variance and standard deviation in probability distributions
- Explore simulations of dice games using Python or R for practical applications
- Investigate other gambling games and their expected values for comparative analysis
USEFUL FOR
Mathematicians, game designers, statisticians, and anyone interested in probability theory and expected value calculations in gaming scenarios.