Question

Expected Value (50 points)

Game: Roll two dice. Win a prize based on the sum of the dice.
Cost of playing the game: $1
Prizes:
Win $10 if your sum is odd.
Win $5 if you roll a sum of 4 or 8.
Win $50 if you roll a sum of 2 or 12.

1.Explain HOW to find the expected value of playing this game. What is the expected value of playing this game? Show your work. (30 points)






2.Interpret the meaning of the expected value in the context of this game. Why should someone play or not play this game. Answer in complete sentences. (20 points)

Answer 1

the expected value is if your sum is odd because half of the values you could roll are odd witch means you have 50% chance to get odd

because their are not high odds of getting something good