SOLUTION: You have $5 to place on a bet in the Golden Nugget casino in Las Vegas. Craps: Bet on the “pass line” in the dice game of craps. craps, The probability of losing $5 is 251/495

Algebra ->  Probability-and-statistics -> SOLUTION: You have $5 to place on a bet in the Golden Nugget casino in Las Vegas. Craps: Bet on the “pass line” in the dice game of craps. craps, The probability of losing $5 is 251/495       Log On


   

Question 1195441: You have $5 to place on a bet in the Golden Nugget casino in Las Vegas. Craps: Bet on the “pass line” in the dice game of craps. craps, The probability of losing $5 is 251/495 and the Probability of making a net gain of $5 is 244/495. ODDS are 1:1
Find your expected value if you bet $5 on the pass line.
0.07
$5.00
-0.07
-$5.00
Answer by greenestamps(13198) About Me  (Show Source):
You can put this solution on YOUR website!


Multiply the probability of each outcome times the gain or loss for that outcome and add the results.

%28251%2F495%29%28-5%29%2B%28244%2F495%29%285%29+=+-35%2F495+=+-7%2F99

That's -7/99 of a dollar, or -$0.07 to the nearest cent.

ANSWER: -$0.07