Explore BrainMass

# Odds of winning, expected value of the game

Not what you're looking for? Search our solutions OR ask your own Custom question.

This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

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?

https://brainmass.com/statistics/central-tendency/odds-of-winning-expected-value-of-the-game-39167

#### Solution Preview

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 ...

#### Solution Summary

Calculates Odds of winning, expected value of the game.

\$2.49