Question

Raina has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Raina chooses one ball from the bag at

random. She wins $1 if the number 1 is selected, $2 if the number 2 is selected, $3 If the number 3 is selected, $4 if the number 4 is selected, and $5 if the number 5 is selected. She loses $3.40 if 6, 7, or 8 is selected. (a) Find the expected value of playing the game. (b) What can Raina expect in the long run, after playing the game many times?(She replaces the ball in the bag each time.)

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