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Kaitlin has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Kaitlin chooses one
Kaitlin has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Kaitlin chooses one ball from the bag at random. She wins 51 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 35 16 if 7 or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. dollars (D) W at can Kaitlin expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) C:- Kaitlin can expect to gain money. She can expect to win dollars per selection. ":3 Kaitlin can expect to lose money. She can expect to lose dollars per selection. ":Iz- Kaitlin can expect to break even [neither gain nor lose money)
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