C @ www-awu.aleks.com/alekscgi/X/Isl.exe/10_u-IgNslkr7j8P3jH-lis1WHQv7rHh0j2icTeSIC4Q0KrKWOC-WYA3txMLY6qD6TCwmolOAyq41IDledXHH_JMMehlmidPzKTISRF.. = COUNTING AND PROBABILITY Computing expected value in a game of chance Amber v Espanol Elsa has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Elsa chooses one ball from the bag at random. She wins $1 if the number 1 is selected, $2 if the number 2 is selected, $3 if the number 3 is selected, $4 if the number 4 is selected, and $5 if the number 5 is selected. She loses $5 if 6, 7, or 8 is selected. (a) Find the expected value of playing the game. dollars D (b) What can Elsa expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Elsa can expect to gain money. She can expect to win | dollars per selection. O Elsa can expect to lose money. She can expect to lose | dollars per selection. O Elsa can expect to break even (neither gain nor lose money). X 5