In a certain game of chance, your chances of winning are 0.2. Assume outcomes are independent...

 

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In a certain game of chance, your chances of winning are 0.2. Assume outcomes are independent and that you will play the game five times. Suppose it costs $1 to play the game. If you win, you receive $4 (for a net gain of $3). If you lose, you receive nothing (for a net loss of $1). What are your expected winnings for a round of five games? In a certain game of chance, your chances of winning are 0.2. Assume outcomes are independent and that you will play the game five times. Suppose it costs $1 to play the game. If you win, you receive $4 (for a net gain of $3). If you lose, you receive nothing (for a net loss of $1). What are your expected winnings for a round of five games?