In the game of roulette, a player can place a $7 bet on the number 19 and have a

Question

In the game of roulette, a player can place a $7 bet on the number 19 and have a 1/38 probability of winning. If the metal ball lands on 19, the player gets to keep the $7 paid to play the game and the player is awarded $245. Otherwise, the player is awarded nothing and the casino takes the player's $7. What is the expected value of the game to the player? If you played the game 1000 times, how much would you expect to lose? The expected value is $ __. (Round to the nearest cent as needed.) The player would expect to lose about $ __. (Round to the nearest cent as needed.)

Explanation / Answer

expected value =expected gain -expected lose =245*(1/38)-7*(37/38)=$ -0.37

the player would expect to lose above =1000*-0.36842 =$368.42

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