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When you give $4 for a bet in a casino game, there is a 254/495 probability that you will lose $4 and there is a 241/495 probability that you will make a net gain of $4. (If you win, the casino gives you $4 and you get to keep your $4 bet, so the net gain is $4.) What is your expected value? In the long run, how much do you lose for each dollar bet?
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