Michael is playing a game of chance in which he tosses a dart into a rotating dartboard with 8 equal-sized slices numbered 1 through 8. The dart lands on anumbered slice at random.This game is this: Michael tosses the dart once. He wins $1 if the dart lands in slice 1, $2 if the dart lands in slice 2, $5 if the dart lands in slice 3, and $8 if thedart lands in slice 4. He loses $6.50 if the dart lands in slices 5, 6, 7, or 8.(a) Find the expected value of playing the game.| dollars(b) What can Michael expect in the long run, after playing the game many times?O Michael can expect to gain money.He can expect to win dollars per toss.O Michael can expect to lose money.He can expect to lose|dollars per toss.O Michael can expect to break even (neither gain nor lose money).

a) There is total 8 equal-sized slices in the dartboard, which are numbered from 1 to 8.

Answered: Michael is playing a game of chance in…

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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