MHB How Do You Calculate Expected Value in a Dice Game?

Click For Summary
In the discussed dice game, rolling a 2, 3, 4, 10, 11, or 12 results in a win of $5, while rolling a 5, 6, 7, 8, or 9 results in a loss of $5. A probability table was constructed to calculate the expected value, showing the net gain or loss associated with each possible outcome. After completing the table and summing the products of gain/loss and their probabilities, the expected value was determined to be -$5/3. This indicates that, on average, a player can expect to lose approximately $1.67 per game.
AnnBean
Messages
1
Reaction score
0
I really need help on how to solve this (Sweating):

A dice game involves rolling 2 dice. If you roll a 2, 3 , 4, 10, 11 or a 12, you win \$5. If you roll a 5, 6, 7, 8, or 9, you lose \$5. Find the expected value you win (or lose) per game.
 
Mathematics news on Phys.org
Re: Probability

Hello, and welcome to MHB, AnnBean! (Wave)

I would begin by constructing a table as follows:

[table="width: 800, class: grid, align: left"]
[tr]
[td]Sum $S$[/td]
[td]Probability of $S$: $P(S)$[/td]
[td]Net Gain/Loss (in dollars) $G$[/td]
[td]Product $G\cdot P(S)$[/td]
[/tr]
[tr]
[td]2[/td]
[td]$\dfrac{1}{36}$[/td]
[td]5[/td]
[td]$\dfrac{5}{36}$[/td]
[/tr]
[tr]
[td]3[/td]
[td]$\dfrac{1}{18}$[/td]
[td]5[/td]
[td]$\dfrac{5}{18}$[/td]
[/tr]
[/table]

Can you complete the table?
 
Re: Probability

Just to follow up, here is the completed table:

[table="width: 800, class: grid, align: left"]
[tr]
[td]Sum $S$[/td]
[td]Probability of $S$: $P(S)$[/td]
[td]Net Gain/Loss (in dollars) $G$[/td]
[td]Product $G\cdot P(S)$[/td]
[/tr]
[tr]
[td]2[/td]
[td]$\dfrac{1}{36}$[/td]
[td]5[/td]
[td]$\dfrac{5}{36}$[/td]
[/tr]
[tr]
[td]3[/td]
[td]$\dfrac{1}{18}$[/td]
[td]5[/td]
[td]$\dfrac{5}{18}$[/td]
[/tr]
[tr]
[td]4[/td]
[td]$\dfrac{1}{12}$[/td]
[td]5[/td]
[td]$\dfrac{5}{12}$[/td]
[/tr]
[tr]
[td]5[/td]
[td]$\dfrac{1}{9}$[/td]
[td]-5[/td]
[td]$-\dfrac{5}{9}$[/td]
[/tr]
[tr]
[td]6[/td]
[td]$\dfrac{5}{36}$[/td]
[td]-5[/td]
[td]$-\dfrac{25}{36}$[/td]
[/tr]
[tr]
[td]7[/td]
[td]$\dfrac{1}{6}$[/td]
[td]-5[/td]
[td]$-\dfrac{5}{6}$[/td]
[/tr]
[tr]
[td]8[/td]
[td]$\dfrac{5}{36}$[/td]
[td]-5[/td]
[td]$-\dfrac{25}{36}$[/td]
[/tr]
[tr]
[td]9[/td]
[td]$\dfrac{1}{9}$[/td]
[td]-5[/td]
[td]$-\dfrac{5}{9}$[/td]
[/tr]
[tr]
[td]10[/td]
[td]$\dfrac{1}{12}$[/td]
[td]5[/td]
[td]$\dfrac{5}{12}$[/td]
[/tr]
[tr]
[td]11[/td]
[td]$\dfrac{1}{18}$[/td]
[td]5[/td]
[td]$\dfrac{5}{18}$[/td]
[/tr]
[tr]
[td]12[/td]
[td]$\dfrac{1}{36}$[/td]
[td]5[/td]
[td]$\dfrac{5}{36}$[/td]
[/tr]

[/table]

Summing up the $G\cdot P(S)$, column, we find the expected value is:

$$\text{EP}=-\frac{5}{3}$$
 

Similar threads

MHB Find the probability all 5 dice rolls are the same
  • · Replies 2 ·
Replies
2
Views
4K
MHB Understanding Dice Throwing Probabilities: A Layman's Guide
  • · Replies 8 ·
Replies
8
Views
4K
I Is there a way to calculate expected value from probabilistic data?
  • · Replies 76 ·
2
Replies
76
Views
6K
MHB Expected Value of Rolling a Pair of Dice - Fair Price to Play
  • · Replies 2 ·
Replies
2
Views
2K
MHB Pr of exactly one dice showing 2
  • · Replies 9 ·
Replies
9
Views
3K
B Which probability calculation is "more correct" in Baccarat games?
  • · Replies 9 ·
Replies
9
Views
5K
MHB S.aux.26 our-sided die has three blue faces, and one red face.......
  • · Replies 2 ·
Replies
2
Views
4K
MHB Probability of AT LEAST 3 6s in 5 Dice Rolls
  • · Replies 1 ·
Replies
1
Views
5K
Dice Game: 6-sided die vs 20-sided die
  • · Replies 53 ·
2
Replies
53
Views
9K
B A whole bunch of dice -- Statistics riddle
  • · Replies 2 ·
Replies
2
Views
2K