Step-by-step explanation:
so,
1/12 × $100
5/12 × $20
6/12 × $1
so the expected "payout" is
100/12 + 100/12 + 6/12 = 206/12 = 103/6 ≈ $17.17
minus the $2 entrance fee, the expected value is
17.17 - 2 = $15.17
but of course, there will be 6 losing $1 (while the other 6 will go home with a positive result).
