In the game of roulette, a player can place a $5 bet on the number 7 and have a

Question

In the game of roulette, a player can place a $5 bet on the number 7 and have a 1/38 probability of winning. If the metal ball lands on 7, 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 player's $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 = 245*1/38 + (-7)*37/38 = -0.368421

= -.37

If you play 1000 times:

1000*-.368421 = -368.42

answers:
Expected value: -.37
you expect to lose: -368.42

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