Answer:
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Answer:
Expected value of the game: -$0.421
Expected loss in 1000 games: $421
Step-by-step explanation:
There are two possible outcomes for the event:
- There is a 1 in 38 chance of winning $280
- There is a 37 in 38 chance of losing $8
The expected value for a single game is:
The expected value of the game is -$0.421
In 1,000 plays, the expected loss is:
You would expect to lose $421.
35 + (-13) + 8 - (-6) = 22 + 8 - (-6) = 30 - (-6) = 36
Take the amount for the case and divide by 12
8.64/12=0.72
0.89-0.72= 0.17 saved per each quart