Outcome Probability 6 winning spots 0.00012898 5 winning spots 0.00309564 4 winning spots 0.02853792 3 winning spots 0.12981955 Fewer than 3 winning spots 0.83841791 (a) Find the expected value of a $1 bet in six-spot keno if three winning spots pays $1 (but you pay $1 to play, so you actually break even), four winning spots pays $3 (but you pay $1 to play, so your profit is $2), five pays $110, and six pays $2,800. (Round your answer to two decimal places.) $ (b) Interpret the expected value. For a large number of plays, you should expect to lose about $ (enter a positive value) for every dollar you bet.

Outcome Probability 6 winning spots 0.00012898 5 winning spots 0.00309564 4 winning spots 0.02853792 3 winning spots 0.12981955 Fewer than 3 winning spots 0.83841791 (a) Find the expected value of a $1 bet in six-spot keno if three winning spots pays $1 (but you pay $1 to play, so you actually break even), four winning spots pays $3 (but you pay $1 to play, so your profit is $2), five pays $110, and six pays $2,800. (Round your answer to two decimal places.) $ (b) Interpret the expected value. For a large number of plays, you should expect to lose about $ (enter a positive value) for every dollar you bet.

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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Outcome	Probability
6 winning spots	0.00012898
5 winning spots	0.00309564
4 winning spots	0.02853792
3 winning spots	0.12981955
Fewer than 3 winning spots	0.83841791

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