A person must pay $5 to play a certain game at the casino. Each player has a probability of 0.19 of winning $12, for a net gain of $7 (the net gain is the amount won 12 minus the cost of playing 5).
Each player has a probability of 0.81 of losing the game, for a net loss of $5 (the net loss is simply the cost
of playing since nothing else is lost).
What is the Expected Value for the player (that is, the mean of the probabiltiy distribution)? If the
Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer with two
decimal places.
Expected Value = $