Question

In a carnival game, you roll 2 dice. If the sum is 5, you receive a $5 payoff. If the sum is 11, you receive a $9 payoff. Otherwise, you receive no payoff. What is the expected payoff? (Round your answer to two decimal places.)

Answer 1

Sum is 5 : (1,4), (2,3), (3,2), (4,1)

So the probability for 5 is 4/36 = 1/9

Sum is 9: (3,6),(4,5),(5,4),(6,3)

So probability for 9 is also 1/9

So expected value is 1/9*(5+9) = 14/9 = 1.56