Two fair dice are rolled. what is the probability that both rolls will be a three?
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Answer:
The carnival is losing (on average) $0.15 on each play
Step-by-step explanation:
To find out how much the carnival wins or looses in each play one subtract the expected value (EV) from each play from the amount charged by the carnival for each play ($0.55). If the expected value is higher than what the carnival charges, the carnival is losing money.
Expected is the sum of the payouts of each bet multiplied by its likelihood:
Since the expected value is higher than $0.55, the carnival is losing money, on average, on each play:
The carnival is losing (on average) $0.15 on each play