1 probablity of winning.i the metai balil lands on 29,the player gets to koep th

Question

1 probablity of winning.i the metai balil lands on 29,the player gets to koep the n the game of roulette, a player can place a $4 bet on the number 29 and have a 4 paid to play the game and the player is awarded an addisional $140. Otherwise, the player is awarded nothing and the casino takes the player's S4. 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? Note that the expected value is the amount on average, one would expect to gain or lose each game. 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.) 2 ca

Explanation / Answer

a) The expected value here is computed as:

= Total winnings * Probability of winning - Total loss * Probability of losing

= 140*(1 / 38) - 4*(37/38 )

= - 0.06

Therefore -$0.06 is the expected value here.

b) For 1000 times, the expected loss would be computed as:

= - 0.057971*1000

= - $579.71

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