Odds of winning, expected value of the game
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1) Someone gives you 10 to 1 odds that you cannot roll a double number with the roll of a pair of dice. You win $10 if you succeed and you lose $1 if you fail. What is the expected value of the game for you? What can be expected if you play 100 times?
2) Lottery: Assume the jackpot has a value of $30 million, you spend $365 per year, tickets are $1, with odds at 1 in 80,000,000 for top prize. What are your odds of winning?
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Solution Summary
Calculates Odds of winning, expected value of the game.
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1) Someone gives you 10 to 1 odds that you cannot roll a double number with the roll of a pair of dice. You win $10 if you succeed and you lose $1 if you fail. What is the expected value of the game for you? What can be expected if you play 100 times?
Total no of combinations of numbers on a pair of dice= 36 =6*6
Out of these there ...
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