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Expected value is a way of measuring what the long-term outcome of repeated trials of an experiment will be. This method is often used to determine...

Expected value is a way of measuring what the long-term outcome of repeated trials of an
experiment will be. This method is often used to determine the fairness of games of chance.
Nearly every game of chance has an expected value less than the cost of playing the game. If this
were not true, these games would not be fund-raisers for governments, churches, and other
charity groups. Casinos are also run in such a way to guarantee themselves profit. With this
concept of expected value in mind, complete the following tasks and write up the results in a report.

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