in the game of roulette, a player can place a $4 bet on the number 17 and have a

Question

in the game of roulette, a player can place a $4 bet on the number 17 and have a 1/38 probability of winning. if the metal ball lands on 17, the player gets to keep the $4 Paid to play the game and the player is awarded an additional $140. otherwise, the player is awarded nothing and the casino takes the player $4. 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.

Explanation / Answer

probability of winning =1/38

and probabilty of losing =1-1/38 =37/38

therefore expected value of the game =140*(1/38)-4*(37/38)=-0.21053

hence expected lose in 1000 games =1000*(-0.2105)=$210.53

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

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