Refer to the following table regarding the game of keno. Outcome Probability 9 winning spots 0.0000007243 8 winning spots 0.0000325925 7 winning spots 0.0005916784 6 winning spots 0.0057195580 5 winning spots 0.0326014806 Fewer than 5 winning spots 0.9610539663 (a) Find the expected value of a $1 bet in nine-spot keno if five winning spots pays $1 (but you pay $1 to play, so you actually break even), six winning spots pays $60 (but you pay $1 to play, so your profit is $59), seven pays $350, eight pays $5,500, and nine pays $20,000. (Round your answer to two decimal places.) $ (b) Interpret the expected value. For a large number of plays, you should expect to about $ (enter a positive value) for every dollar you bet.

Refer to the following table regarding the game of keno. Outcome Probability 9 winning spots 0.0000007243 8 winning spots 0.0000325925 7 winning spots 0.0005916784 6 winning spots 0.0057195580 5 winning spots 0.0326014806 Fewer than 5 winning spots 0.9610539663 (a) Find the expected value of a $1 bet in nine-spot keno if five winning spots pays $1 (but you pay $1 to play, so you actually break even), six winning spots pays $60 (but you pay $1 to play, so your profit is $59), seven pays $350, eight pays $5,500, and nine pays $20,000. (Round your answer to two decimal places.) $ (b) Interpret the expected value. For a large number of plays, you should expect to 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...

See similar textbooks

Outcome	Probability
9 winning spots	0.0000007243
8 winning spots	0.0000325925
7 winning spots	0.0005916784
6 winning spots	0.0057195580
5 winning spots	0.0326014806
Fewer than 5 winning spots	0.9610539663

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