Thinking Mathematically (6th Edition)

Published by Pearson
ISBN 10: 0321867327
ISBN 13: 978-0-32186-732-2

Chapter 11 - Counting Methods and Probability Theory - 11.8 Expected Value - Exercise Set 11.8 - Page 755: 24

Answer

See below.

Work Step by Step

A negative expected value means that in the long run a player is expected to lose each turn he plays on average. A zero expected value means that in the long run a player is expected neither to lose nor to win each turn he plays on average. A positive expected value means that in the long run a player is expected to win each turn he plays on average.
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