Question on probability
You joined an office “pool.” There are 8 teams that you can bet on. You bet on the mighty Coyotes that have won 40% of the games played so far this season. You decided to bet $5.00 on them. If you lose, you lose your $5.00. If you win, you get back your $5.00 and get another $5.00. If you bet on the Coyotes all season and the probabilities remain the same, what is the expected value of each bet?
Thanks if anyone knows this trick question. I feel like there are so many unnecessary pieces of information that I'm being thrown off, or maybe I'm just a dumbass.
I'm guessing the value of each bet goes up $5 and there are 7 teams the coyotes play so since the probabilities remain the same it should be
$5, $10, $15, $20, $25, $30, $35.