Question

You can play a game with a wheel whose rim is divided into equal sections marked with the numbers from 1 to 10. If you wager $17, the attendant will spin the wheel and a ball will land in a random section. If the number the ball lands on is odd, you win $24. If the number the ball lands on is even, you win nothing. If you play the game, what is the expected profit?

Answer 1

The probability of getting an odd number is 0.5, so the expected gain is $24 * 0.5 = $12

But, since the cost of playing is $17, the expected profit is 12 - 17 = -5

Answer:

-$5