SOLUTION: If a gambler rolls two dice and gets the sum of 7, he wins $20. If he gets a sum of 4, he wins $40. The cost of playing is $14. What is the expectation of this game?

Question 1068026: If a gambler rolls two dice and gets the sum of 7, he wins $20. If he gets a sum of 4, he wins $40. The cost of playing is $14. What is the expectation of this game?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If a gambler rolls two dice and gets the sum of 7, he wins $20. If he gets a sum of 4, he wins $40. The cost of playing is $14. What is the expectation of this game?
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Random "winnings":: 20 ; 4 ; -14
Probabilities::: 6/36 ; 3/36 ; 27/36
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Expected winnings:: (6*20 + 3*4 -27*14)/36 = -246/36 = -$6.83
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Cheers,
Stan H.
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