In the game of roulette, a player can place a $9 bet on the number 16 and have a 38 probability of winning. If the metal ball lands on 16, the player gets to keep the $9 paid to play the game and the player is awarded an additional $315. Otherwise, the player is awarded nothing and the casino takes the player's $9. Find the expected value E(x) to the player for one play of the game. If x is the gain to a player in a game of chance, then E(x) is usually negative. This value gives the average amount per game the player can expect to lose. The expected value is S (Round to the nearest cent as needed.)

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.