1. If you were to receive $3 for every time a 7 or 11 was rolled with two fair dice and lost $1 for all the ther values, what is the expected value (mean) for you as a gambler in this experiment? (please show work so I know how to do it).
2. Going with the question above, would you continue to play this game if the payoff for a 7 or an 11 were raised to $4 instead of $3? Why or why not?