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.

Expected Value and Fairness 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 2.20 X This means that on average, you can expect to gain $ 1.5 x each time someone plays your game. Mathematically, is your game considered a "fair" game for you and the players? No