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Kevin has a bag with 8 balls numbered 1 through 8. He is playing a game of chance. This game is this: Kevin chooses one
Kevin has a bag with 8 balls numbered 1 through 8. He is playing a game of chance. This game is this: Kevin chooses one ball from the bag at random. He wins 51 ifthe 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. He loses $ 16 if 7 or 8 is selected. (a) Find the expected value of playing the game. dollars (D) W at can Kevin expect In the long run, after playing the game many times? (le replaces the ball in the bag each time.) ":3 Kevin can expect to gain money. He can expect to win dollars per selection. C:- Kevin can expect to lose money. He can expect to lose dollars per selection. Kevin can expect to break even (neither gain nor lose money}
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