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Amy has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Amy chooses
Amy has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Amy chooses one ball from the bag at random. She wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is selected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. She loses $16 if 7 or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. dollars (b) What can Amy expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Amy can expect to gain money. She can expect to win dollars per selection. O Amy can expect to lose money. She can expect to lose dollars per selection. Amy can expect to break even (neither gain nor lose money). ?
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