Problem : Jason gets two chances to roll a sum of 8 with the two dice. To further clarify, he can win by either rolling an 8 on his first roll, and if he fails to roll an 8 on his first roll, he can win by rolling an 8 on his second roll. The wager for each game is $2.
The rules are as follows: If an 8 is rolled on either the first roll or the second roll, Jason will win a profit of $5. If neither roll is an 8, Jason will lose his $2 wager.
- Should Jason expect to win money or lose money playing this game?
- What would Jason’s profit for winning need to be for him to have the same likelihood of winning and losing this game?