In the game of roulette, a player can place a $8 bet on the number 5 and have a 1/38 probability of winning. If the metal ball lands on 5, the player gets to keep the $8 paid to play the game and the player is awarded an additional $280. 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? 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.)
Added by Maria R.
Close
Step 1
The probability of winning is $\frac{1}{38}$, and the probability of losing is $\frac{37}{38}$. Show more…
Show all steps
Your feedback will help us improve your experience
Sri K and 72 other Intro Stats / AP Statistics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
In the game of roulette, a player can place a $5 bet on the number 24 and has a 1/38 probability of winning. If the metal ball lands on 24, the player gets to keep the $5 paid to play the game and 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? Note that the expected value is the amount, on average, one would expect to gain or lose each game.
Joanna Q.
In the game of roulette, a player can place a $7 bet on the number 8 and have a 1/38 probability of winning. If the metal ball lands on 8, the player gets to keep the $7 paid to play the game and the player is awarded an additional $245. Otherwise, the player is awarded nothing and the casino takes the player's $7. 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? Expected value:
David N.
In the game of roulette, a player can place a $7 bet on the number 22 and have a 1/38 probability of winning. If the metal ball lands on 22, the player gets to keep the $7 paid to play the game and the player is awarded an additional $245. Otherwise, the player is awarded nothing and the casino takes the player's $7. 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.) The player would expect to lose about $ . (Round to the nearest cent as needed.)
Steven C.
Recommended Textbooks
Elementary Statistics a Step by Step Approach
The Practice of Statistics for AP
Introductory Statistics
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD
