Question

Find the expected value of a $1 bet in six-spot keno if three winning spots pays $1 (but you pay $1 to play, so you actually break even), four winning spots pays $3 (but you pay $1 to play, so you profit $2), five pays $100, and six pays $2,600.

Answer 1

Find the expected value of a $1 bet in six-spot keno if three winning spots pays $1 (but you pay $1 to play, so you actually break-even), four winning spots pay $4 (but you pay $1 to play, so your profit is $3), five pays $130, and six pays $2,500. (Round your answer to two decimal places.)