A casino wants to launch a new game, In the game a player is asked to roll two dices and he gets away with the money equal to the sum of the dices outcome.
Player needs to buy the chance every time he plays, What should the casino charge such that it makes profit in the long run or does not have to bear any loss ?
Check your answer:-Click here to See Answers
There are a total of 26 possible combinations of two dice output, and each output is equally likely, We should get the average sum possible and charge higher then that.
Average Sum = ((6*6 + 21) + (6*5 + 21) + (6*4 + 21) + (6*3 + 21) + (6*2 + 21) + (6*1 + 21))/36;
here 21 is sum of 1+2+3+4+5+6.
= (6*21 + 6*21)/36 = 7
Fake FIR, solve the case