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A person must pay
8 to play a certain game at the casino. Each player has a probability of 0.11 of winning
16. Each player has a probability of 0.89 of losing the game and winning nothing.
What is the Expected Value for the player? If the Expected Value is negative, be sure
to include the "-" sign with the answer. Express the answer with two decimal places.
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The expected value of the game is the expected value to win minus the expected value to lose
minus the price of the ticket
Value of the gave = 0.11*16 - 0.89*0 - 8 = -6.24. ANSWER
The sign minus in front of the number 6.24 means that in average, a person lose 7.12 in each game,
when playing this game many time.
Solved.
Extremely unfair game.
