Question

How to solve this problem? Result from step 1: Expected value is -$3.23.

Answer 1

The expected value was already calculated as:

`E=-3.23`

The expected value is the mean value you would get per try.

Since we played 623, the expected value is 623 times the expected valu for a single play, so:

`E_(623)=623\cdot E=623\cdot(-3.23)=-2012.29`

So, the expected value after playing 623 times is to -$2012.29, that is, lose $2012.29.