Question Help * 38 probability of winning. If the metal ball lands on 1, the pla

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Question Help * 38 probability of winning. If the metal ball lands on 1, the player gets to keep the $8 paid to play the game and the player is awarded an additional S280. Otherwise, the player is awarded nothing and the casino takes the player's $8. 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? 101 WED 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) /3 3 All A ome extra Enter your answer in each of the answer boxes

Explanation / Answer

Solution:-
The expected value is $-0.42

=> E(x) = 280(1/38) + (-8)(37/38) = (280-296)/38 = -16/38 = -0.42

The player would expect to lose about $-420.00

=> 1000(-0.42) = -420

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