In the game of roulette, a player can place a $5 bet on the number 30 and have a

Question

In the game of roulette, a player can place a $5 bet on the number 30 and have a 1/38 probability of winning. If the metal ball lands on 30, the player gets to keep the $5 paid to play the game and the player is awarded an additional $175. Otherwise, the player is awarded nothing and the casino takes the players $5. 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 = 175(1/38) - 5(1 - 1/38) = 175/38 - 5(37/38) = -10/38 = - 0.26

So,

The expected value is $ - 0.26

For n = 1000,

Amount of loss = 1000(-0.26) = 260

Hence,

The player would expect to loose $260.

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