
Question 3
18. Expected Value in Casino Dice When you give a casino $5 for a bet on the “pass line” in a casino game of dice, there is a 251/495 probability that you will lose $5 and there is a 244/495 probability that you will make a net gain of $5. (If you win, the casino gives you $5 and you get to keep your $5 bet, so the net gain is $5.) What is your expected value? In the long run, how much do you lose for each dollar bet?
Fir this problem you'll first show probability calculations, then populate this table
Event
x
P(x)
x*P(x)
Lose
Gain (net)
Total
The Expected Value = _______
Wait! There is another part to answer this question. "In the long run, how much do you lose for each dollar bet?" Show key part of calculations (or explain)
Conclusion: In the long run you can expect to lose an average of _______ cents for each $1 bet.