(b) Is it an expected gain or an expected loss? Round the answer to two decimal places. This is an expected (Choose one) v of $ gain loss

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Is it an expected gain or an expected loss? Round the answer to two decimal places.
Lottery: In the New York State Numbers lottery, you pay $3 and can bet that the sum of the numbers that come up is 13. The
probability of winning is 0.085, and if you win, you win $6.50, which is a profit of $3.5. If you lose, you lose $3.
Part 1 of 2
Transcribed Image Text:Lottery: In the New York State Numbers lottery, you pay $3 and can bet that the sum of the numbers that come up is 13. The probability of winning is 0.085, and if you win, you win $6.50, which is a profit of $3.5. If you lose, you lose $3. Part 1 of 2
(b) Is it an expected gain or an expected loss? Round the answer to two decimal places.
This is an expected (Choose one)
of $
gain
loss
Transcribed Image Text:(b) Is it an expected gain or an expected loss? Round the answer to two decimal places. This is an expected (Choose one) of $ gain loss
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