SOLUTION: When you give a casino $5 for a bet in the game of craps there is a 244 / 495 probability that you will win $5 and a 251 / 495 probability that you lose $5 what is the expected val
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-> SOLUTION: When you give a casino $5 for a bet in the game of craps there is a 244 / 495 probability that you will win $5 and a 251 / 495 probability that you lose $5 what is the expected val
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Question 1128372: When you give a casino $5 for a bet in the game of craps there is a 244 / 495 probability that you will win $5 and a 251 / 495 probability that you lose $5 what is the expected value of your $5 bet? Answer by htmentor(1343) (Show Source):
You can put this solution on YOUR website! The expected value is determined by weighting the dollar amounts won or lost
by the corresponding probabilities:
E = (244/495)*$5 - (251/495)*$5 = -0.0707 ~ -7.1 cents.
This means that on average you will lose about 7 cents on your $5 bet.
