Miguel has a bag with 8 balls numbered 1 through 8. He is playing a game...

 

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Miguel has a bag with 8 balls numbered 1 through 8. He is playing a game of chance. This is this: Miquel chooses one ball from the bag at random. He wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is game selected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. He loses $14 if 7 or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. II dollars (b) What can Miguel expect in the long run, after playing the game many times? (He replaces the ball in the bag each time.) Miguel can expect to gain money. He can expect to win dollars per selection. Miguel can expect to lose money. He can expect to lose dollars per selection. O Miguel can expect to break even (neither gain nor lose money). Miguel has a bag with 8 balls numbered 1 through 8. He is playing a game of chance. This is this: Miquel chooses one ball from the bag at random. He wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is game selected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. He loses $14 if 7 or 8 is selected. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. II dollars (b) What can Miguel expect in the long run, after playing the game many times? (He replaces the ball in the bag each time.) Miguel can expect to gain money. He can expect to win dollars per selection. Miguel can expect to lose money. He can expect to lose dollars per selection. O Miguel can expect to break even (neither gain nor lose money).