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 $1 if the number 1 is selected, $24f 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 $1 if 6, 7, or 8 is selected. (a) Find the expected value of playing the game. dollars (b) What can Kaitlin expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Kaitlin can expect to gain money. She can expect to win dollars per selection. O Kaitlin can expect to lose money. She can expect to lose dollars per selection. O Kaitlin can expect to break even (neither gain nor lose money).
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 $1 if the number 1 is selected, $24f 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 $1 if 6, 7, or 8 is selected. (a) Find the expected value of playing the game. dollars (b) What can Kaitlin expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Kaitlin can expect to gain money. She can expect to win dollars per selection. O Kaitlin can expect to lose money. She can expect to lose dollars per selection. O Kaitlin can expect to break even (neither gain nor lose money).
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 6ECP: In Pennsylvania’s Cash 5 game, a player chooses five different numbers from 1 to 43. If these five...
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Transcribed Image Text: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 $1 if the number 1 is selected, $24f 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 $1 if 6, 7, or 8 is selected.
(a) Find the expected value of playing the game.
dollars
(b) What can Kaitlin expect in the long run, after playing the game many times?
(She replaces the ball in the bag each time.)
O Kaitlin can expect to gain money.
She can expect to win dollars per selection.
O Kaitlin can expect to lose money.
She can expect to lose dollars per selection.
O Kaitlin can expect to break even (neither gain nor lose money).
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