Question
1. In a certain game, the player rolls a standard die one time. If they roll a 1 or 2, they receive $40.00, if they
1. In a certain game, the player rolls a standard die one time. If they roll a 1 or 2, they receive $40.00, if they roll a 3, they pay$25.00, and if they roll a 4, 5, or 6, they pay$35.00.
What is the expected value for the player in this game? Round your answer to the nearest cent.
2. An American roulette wheel has 38 spaces and if a player wins they keep their bet. Suppose that a$3.00bet on a single space wins$105.00if the space is landed on and, otherwise, the player wins nothing.
What is the expected value of this bet from the casino's standpoint? Round your answer to the nearest cent.
3. As a fundraiser, the local charity is raffling off a prize worth $500.00. They plan to sell 14001400tickets at a cost of $1.00each.
What is the expected value per ticket from the standpoint of the charity? Round your answer to the nearest cent.
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