With the following bet of $5 in a common gambling game thereis a probability of:

Question

With the following bet of $5 in a common gambling game thereis a probability of: 321/687 - win $5 366/687 - lose $5 a) what is the expected value (nearest tenth of a cent)? b) what is the amount lost in the long run for each dollar bet(use unrounded expected value in each calculation)? With the following bet of $5 in a common gambling game thereis a probability of: 321/687 - win $5 366/687 - lose $5 a) what is the expected value (nearest tenth of a cent)? b) what is the amount lost in the long run for each dollar bet(use unrounded expected value in each calculation)?

Explanation / Answer

(a) Expected value = 321/687 x 5 + 366/687 x (-5) = -0.328 (b) The amount lost in the long run for each dollar bet is 0.328 dollar(The expected value) Hope this helps!

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.