Question

A player pays $1 to play a game where three fair dice are rolled. If three 6s are obtained the player wins $500, and otherwise thr pkayer wins nothing. What are the expected net winnings of this game?
Ans: $1.31
(I need a solution!)

Answer 1

The chance to win = 1 : 6³ = 1 / 216

To win $500, the player needs to pay $216 on average.
500/ 216 = 2.31
$2.31 win and $1 cost per game gives $1.31 net win.