Homework Answers
Solution:
To find the expected gain/loss, multiply the probability by the outcome and add them together.
Since there's a 0.055 chance of a profit of $8, there's a 0.945 chance of a loss of $2:
0.055 ($6) - 0.945($2) = $0.33 - $1.89 = -$1.56
So the expected value is -$1.56. In other words, every time someone plays the expected loss is about 156 cents.
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