A person must pay $$8 to play a certain game at the casino. Each player has a probability of 0.15 of winning $$12, for a net gain of $$4 (the net gain is the amount won 12 minus the cost of playing 8). Each player has a probability of 0.85 of losing the game, for a net loss of $$8 (the net loss is simply the cost of playing since nothing else is lost).

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Question

A person must pay $$8 to play a certain game at the casino. Each player has a probability of 0.15 of winning $$12, for a net gain of $$4 (the net gain is the amount won 12 minus the cost of playing 8).

Each player has a probability of 0.85 of losing the game, for a net loss of $$8 (the net loss is simply the cost of playing since nothing else is lost).

What is the Expected Value for the player (that is, the mean of the probabiltiy distribution)? If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer with two decimal places.

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