Question

Find the expected payback for a game in which you bet $9 on any number from 0 to 499. If your number comes up, you get $2000.

The expected payback is $_______(round to the nearest cent as needed).

Answer 1

The expected payback for the game is $4.00.

Step-by-step explanation:

To find the expected payback for the game, we need to consider the probabilities and outcomes of each possible result.

There are 500 possible outcomes (numbers from 0 to 499), and if your number comes up, you win $2000. So, the probability of winning is 1/500.

The expected payback is calculated by multiplying the probability of each outcome by its corresponding value and summing the results. In this case, the expected payback is:

(1/500) * $2000 = $4.00

Therefore, the expected payback for this game is $4.00.