A game is played using one die. If the die is rolled and shows 5, the player wins $25. If the die shows any number other than 5, the player wins nothing.
Complete parts (a) through (b) below.
a. If there is a charge of $5 to play the game, what is the game's expected value?
b. what does the expected value mean? choose the correct statement below
- the player can expect to break even over time
- the player can expect to win over the long run
- the player can expect to lose over the long run