Math Problem Statement

You have been chosen to play a game involving a 6-sided die. You get to roll the die once, see the results and may choose to stop or roll one more time. Your payoff is the sum of your rolls, unless the sum is greater than 7, in which case you “bust” and get nothing. What is your strategy for this game? This is, for each possible outcome at the first roll will you choose to stop or roll again. Why?

Solution

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Math Problem Analysis

Mathematical Concepts

Probability
Expected Value

Formulas

Expected value formula

Theorems

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Suitable Grade Level

Advanced High School