Latoya has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Latoya 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 $1 if 6, 7, or 8 is selected. (a) Find the expected value of playing the game. dollars
(b) What can Latoya expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) Latoya can expect to gain money. She can expect to win dollars per selection. Latoya can expect to lose money. She can expect to lose dollars per selection. Latoya can expect to break even (neither gain nor lose money).