In the game of roulette, a player can place a $9 bet on the number 24 and have a startfraction 1 over 38 endfraction probability of winning. if the metal ball lands on 24, the player gets to keep the $9 paid to play the game and the player is awarded an additional $315. otherwise, the player is awarded nothing and the casino takes the player's $9. what is the expected value of the game to the player

- $0.47

Here, negative sign depicts the expected loss

Explanation:

Data provided in the question:

Bet amount for number 24 = $9

Probability of winning on number 24 =

Award amount for number 24 = $315

Probability of losing on number 24 = 1 - =

Losing amount = $9

Now,

The expected value of the game to the player

= Winning amount × Probability of winning - Losing amount × Probability of losing

= ( $315 × ) - ( $9 × )

= 8.29 - 8.76

= - $0.47

Here, negative sign depicts the expected loss

answer; someone must cover the cost associated with the provision of scarce goods in both sectors;