SOLUTION: Suppose you make a dollar bet on a game in which there is a 1 in 5 chance to win. If you win, you win two dollars. On average, you will lose playing this game and each play cos

Question 1076567: Suppose you make a dollar bet on a game in which there is a 1 in 5 chance to win. If you win, you win two dollars.
On average, you will lose playing this game and each play costs you _______cents. If you play 200 times, you can expect to lose around_____ dollars.
Answer by FrankM(1040) (Show Source): You can put this solution on YOUR website!
A 1 in 5 change of winning $2 is worth 40 cents. If you pay $1 for this, each play costs you 60 cents. i.e. you lose 60 cents per game average.
Play 200 times, lose $120.
To confirm, 200 games should win approx (bell curve for actual results) 40 times.
40 wins = $80 returned, or $120 loss.
Note, this was from some time ago, but I just saw a note that the teacher says the loss is $80.
On 200 plays, on average one in five wins or 40 wins. 40 wins is 40 x $2 = $80 returned. Therefore $120 lost. This is not difficult, we all (even teachers) make mistakes.
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