Question

If two standard six sided dice are tossed and if the dice equal the sum of 2 you win 1000 dollars but if it lands on anything else you lose 100 dollars what are the probabilities that u win 1000 and how many trails would you need or expect to win on average and is it worth the risk and why

Answer 1

Sum of the outcomes of two dice is shown in the table below:

We can see from table, that the total sum of 2, comes only once out of 36 rolls of dice.

Therefore, Probability of winning 1000 = $\frac{1}{36}$

So, we can infer from this that on an average, the sum of 2 will come once every 36 rolls of dice. So, on an average we will lose 3600 (= 36 * 100) for every 1000 we earn.

Therefore, it is not worth taking the risk.