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Deandre has a bag with 8 balls numbered 1 through 8 He is playing a...

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Deandre has a bag with 8 balls numbered 1 through 8 He is playing a game of chance This game is this Deandre chooses one ball from the bag at random He wins 1 if the number 1 is selected 2 if the number 2 is selected 3 if the number 3 is selected 4 if the number 4 is selected and 5 if the number 5 is selected He loses 3 40 if 6 7 or 8 is selected a Find the expected value of playing the game dollars b What can Deandre expect in the long run after playing the game many times He replaces the ball in the bag each time Deandre can expect to gain money He can expect to win Deandre can expect to He can expect to lose dollars per selection lose money dollars per selection Deandre can expect to break even neither gain nor lose money X

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Exercise 25-2