Score: 0 of 1 pt 12 of 12 (11 e) v HW Score 1.37 Question Help the number 35 and

Question

Score: 0 of 1 pt 12 of 12 (11 e) v HW Score 1.37 Question Help the number 35 and have a probability of winning If the metal ball lands on 35, the player gets to keep the $8 paid to play the game and 38 280 Otherwise, the player is awarded nothing and the casino takes the player's $8. What is the expected value of the game to the player? If you played the ame 1000 smes how much would you expect to lose? Note that the expected value is the amount, on average, one would expect to gain or lose each game The expected value is

Explanation / Answer

Solution:-

The expected value of the game to the player is - $1.20944.

P(Win) = 1/38 = 0.02632

P(Loose) = 37/38 = 0.97368

Expected value = Winning amount × P(Win) - Loosing amount × P(Loose)

Expected value = 250 × 0.02632 - 8 × 0.97368

Expected value = 6.58 - 7.78944

Expected value = - 1.20944

We expect $1.29 to loose each game.

If the player played 1000 games then the expected values is - 1209.44

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