Question: Another bet you can make in craps is that the sum of the dice will be 2 (also called snake eyes). The probability that you

Another bet you can make in craps is that the sum of the dice will be 2 (also called ‘‘snake eyes’’). The probability that you win is 1∕36, and if you win, your profit is $30. If you lose, you lose $1. What is the expected value of your profit? Is it an expected gain or an expected loss?

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