Amy has a bag with 8 balls numbered 1 through 8 She is playing a game of chance This game is this Amy chooses one ball from the

Question

Amy has a bag with 8 balls numbered 1 through 8 She is playing a game of chance This game is this Amy chooses one ball from the bag at random She wins 1 if the number 1 is selected 2 if the number 2 is selected 5 if the number 3 is selected s6 if the number 4 is selected ss if the number 5 is selected and 10 if the number 6 is selected She loses 16 if 7 or 8 is selected If necessary consult a list of formulas a Find the expected value of playing the game dollars b What can Amy expect in the long run after playing the game many times She replaces the ball in the bag each time O Amy can expect to gain money She can expect to win dollars per selection O Amy can expect to lose money She can expect to lose dollars per selection O Amy can expect to break even neither gain nor lose money EBEN

Kunduz · Accepted Answer

Click to see the answer