You wager an amount W on the roll of two die. Any 1's win 100 dollars, and any 5's win 50 dollars each, otherwise you lose. For what value of W would this be a fair game?
I'm not so concerned with the answer, mostly I just want to know how to set this up.
Calculate the expected value of one play. This will be an expression involving the known payoffs, their probabilities, and the cost $w$. Find the value of $w$ for which the expected value is zero.