Laura has a deck of 10 cards numbered 1 through 10. She is playing a game of chance. This game is this: Laura chooses one card from the deck at random. She wins an amount of money equal to the value of the card if an odd-numbered card is drawn. She loses $5 if an even-numbered card is drawn.
(a) Find the expected value of playing the game.
(b) What can Laura expect in the long run, after playing the game many times?
(She replaces the card in the deck each time.)
Laura can expect to gain money.
Laura can expect to lose money.
Laura can expect to break even (neither gain nor lose money).
