In the game of roulette, a player can place a $5 bet on the number 16 and have a

Question

In the game of roulette, a player can place a $5 bet on the number 16 and have a 38 probability of winning. f the metal ball lands on 16, the player gets to keep the5 paid to play the game and the player is awarded an additional $175. Otherwise, the player is awarded nothing and the casino takes the player's S5. 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 s (Round to the nearest cent as needed.)

Explanation / Answer

Expected value = (1/38)($5 + $175) - (37/38)($5)

= -0.13$

If the game is played 1000 times, the expected value is 1000 * -0.13158 = -$131.58

Thus the expectation is to lose $131.58.

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