a. Calculate the expected value of x   nothing   ​(round to 3 decimal​ places)   b. Based on your calculations in part​ a, would you want to play this​ game? Why or why​ not?     A. ​No, in the long run you will lose money

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When you give a casino​ $5 for a bet on the​ "pass line" in a casino gameof​ dice, there is a
StartFraction 250 Over 495 EndFraction
 

probability that you will lose​ $5 and there is a

StartFraction 245 Over 495 EndFraction
 
probability that you will profit​ $5.
 
If x​ = profit from a play of the​ game, a probability distribution is given​ below:
 
x ​ P(x)
​-5      StartFraction 250 Over 495 EndFraction
​+5     StartFraction 245 Over 495 EndFraction
a. Calculate the expected value of x
 
nothing
 
​(round to 3 decimal​ places)
 
b. Based on your calculations in part​ a, would you want to play this​ game? Why or why​ not?
 
 
A.
​No, in the long run you will lose money
 
B.
​Yes, in the long run you will win money
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