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In the game of roulette, a player can place a $7 bet on the number 18 and have a 138 probability of winning. If the
In the game of roulette, a player can place a $7 bet on the number 18 and have a 138 probability of winning. If the metal ball lands on 18, the player gets to keep the $7 paid to play the game and the player is awarded an additional $245.
Otherwise, the player is awarded nothing and the casino takes the player's $7. What is the expected value of the game to the player? If you played the game 1000 times, how much would you expect to lose?
The expected value is:
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