A wheel of fortune in a gambling casino has 54 different slots in which thewheel pointer can stop. Four of the 54 slots contain the number 9. For $3 beton hitting a 9, if he or she succeeds, the gambler wins $16 plus return of the $3bet. What is the expected value of this gambling game?(Present your answer in dollars with 2 decimal places but without $ sign)

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What is the expected value of this gambling game?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

A wheel of fortune in a gambling casino has 54 different slots in which the
wheel pointer can stop. Four of the 54 slots contain the number 9. For $3 bet
on hitting a 9, if he or she succeeds, the gambler wins $16 plus return of the $3
bet. What is the expected value of this gambling game?
(Present your answer in dollars with 2 decimal places but without $ sign)

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