Value-Mart is advertising a Back-to-school sale on pencils. A pack of 30 sells for $7.97, whereas a 12-pack of the same brand co
1 answer:
You might be interested in
Answer:
The expected value of the game to the player is -$0.2105 and the expected loss if played the game 1000 times is -$210.5.
Step-by-step explanation:
Consider the provided information.
It is given that if ball lands on 29 players will get $140 otherwise casino will takes $4.
The probability of winning is 1/38. So, the probability of loss is 37/38.
Now, find the expected value of the game to the player as shown:
Hence, the expected value of the game to the player is -$0.2105.
Now find the expect to loss if played the game 1000 times.
1000×(-$0.2105)=-$210.5
Therefore, the expected loss if played the game 1000 times is -$210.5.