(a) Find the expected value of playing the game. dollars (b) What can Isabel expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) Isabel can expect to gain money. She can expect to win dollars per selection. Isabel can expect to lose money. She can expect to lose dollars per selection. Isabel can expect to break even (neither gain nor lose money).

A First Course in Probability (10th Edition)
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Chapter1: Combinatorial Analysis
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Isabel has a bag with 8 balls numbered 1 through 8. She is playing a game
of chance.
This game is this: Isabel chooses one ball from the bag at random. She
wins si if the number 1 is selected, $2 if the number 2 is selected, $5 if the
number 3 is selected, so if the number 4 is selected, s8 if the number 5 is
selected, and $10 if the number 6 is selected. She loses $16 if 7 or 8 is
selected.
(a) Find the expected value of playing the game.
dollars
(b) What can Isabel expect in the long run, after playing the game many times?
(She replaces the ball in the bag each time.)
O Isabel can expect to gain money.
She can expect to win
dollars per selection.
O Isabel can expect to lose
money.
She can expect to lose dollars per selection.
O Isabel can expect to break even (neither gain nor lose money).
X
Ś
?
Transcribed Image Text:Isabel has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Isabel chooses one ball from the bag at random. She wins si if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is selected, so if the number 4 is selected, s8 if the number 5 is selected, and $10 if the number 6 is selected. She loses $16 if 7 or 8 is selected. (a) Find the expected value of playing the game. dollars (b) What can Isabel expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Isabel can expect to gain money. She can expect to win dollars per selection. O Isabel can expect to lose money. She can expect to lose dollars per selection. O Isabel can expect to break even (neither gain nor lose money). X Ś ?
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