Why can’t I ssh or ping my brand new Amazon EC2 instance?

I just created a free EC2 instance with all the defaults. It says it’s running in the AWS Management Console. On the “Instance Actions” menu, I click “Connect”. I copy the DNS name provided (looks like ec2-a-dashed-IP-address.compute-1.amazonaws.com) and try to SSH to it. No response. I can’t even ping it. What gives?
answer: http://goo.gl/T6pQD

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