Question

In a carnival game, you roll 2 dice. If the sum is 5, you receive a $6 payoff. If the sum is 10, you receive a $9 payoff. Otherwise, you receive no payoff. What is the expected payoff? (Round your answer to two decimal places.)

Answer 1

Sample space of rolling 2 dice = {36} outcomes
Getting a sum of 5:
(1+4) or (2+3) or (3+2) or (4+1) = 4 favorable outcomes

P(getting a sum of 5) = 4/36 = 1/9
The expected payoff is :
P(getting a sum of 5) x $9 = (1/9).(9) = 9/9 = $1