Answer choices for #2: gain or lose. Answer choices for #4: no or yes.

Instructions: Find the expected values and answer the questions based on the given scenario. You and a friend have created a carnival game for your classmates. You plan to charge $1 for each time a student plays, and the payout for a win is $5. According to your calculations, the probability of a win is .05. What is your expected value for this game? The expected value is This means that on average, you can expect to each time someone plays your game. Mathematically, is your game considered a "fair" game for you and the players? Check