Question 430365
We are playing a dice game with 2 fair dice. You roll the dice,I will pay you $1 if the total of the dice is 6 or greater,you will pay me $3 dollars if the total of the dice is 5 or less.
What is the expected value of the game for me. I know the answer is .111 but I cannot figure our how to do this problem. 
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Sketch the 6 by 6 rectangle of 2-die sums.
234567
345678
456789
5678910
6789101112
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Random gain values for you::::: 1....-3
Corresponding probabilities::::
P(6 or greater) = 26/36
P(5 or less) = 10/36
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Expected gain for you: (26/36)1 -3(10/36)
= [26-30]/36
= -4/36
= -1/9
= -0.11 
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You can expect to lose 11 cents each time you play.
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Cheers,
Stan H.