Discrete Probability Distribution

Question

In the game of craps, you may bet $1 that the next roll of the dice will be an 11. If the dice come up 11, your profit is $15. If the dice don't come up 11, you lose $1. The probability that the dice come up 11 is 1/18. What is the expected value of your profit? Is it an expected gain or an expected loss?

The expected value is 

It is an expected  ( Answer "gain" or "loss" in the box)

Answer 1

$11, profit = $14 probability = 1/18

-$1 loss, probability = 17/18

expected value = $14 * 1/18 - $1 * 17/18 = 14/18 - 17/18 = -3/18 = -0.17$

Expected loss is $0.17.